The ability to mentally re‐experience past events improves significantly from childhood to young adulthood; however, the mechanisms underlying this ability remain poorly understood, partially because different tasks are used across the lifespan. This study was designed to address this gap by assessing the development of event‐related potential (ERP) correlates associated with subjective indices of recollection. Children, adolescents, and adults performed Tulving's () remember/know paradigm while ERPs were recorded during memory encoding (Experiment 1) and retrieval (Experiment 2). Behaviorally, children recognized fewer items than adolescents and adults. All age groups reliably made subjective judgments of recollection, although the ability to make these judgments improved with age. At encoding, the ERP effect associated with recollection was present and comparable across age groups. In contrast, the ERP effect associated with recollection at retrieval differed as a function of age group; specifically, this effect was absent in children, topographically widespread in adolescents, and, consistent with previous literature, maximal over left centro‐parietal leads in adults. These findings suggest that encoding processes associated with the subsequent subjective experience of recollection may be similar among children, adolescents, and adults and that age‐related improvement in recollection may be primarily attributable to the development of processes that follow the initial encoding of stimuli (i.e., consolidation, storage, retrieval). The present study examined the development of ERP correlates of subjective recollection in children, adolescents, and adults using the remember/know paradigm. At encoding, the ERP effect associated with recollection was present and comparable in children, adolescents, and adults. In contrast, at retrieval, the ERP effect associated with recollection was not present in children, topographically widespread in adolescents, and, consistent with previous research, maximal over left centro‐parietal leads in adults.