Academic testing has received substantial support as a useful educational activity with robust retention benefits, given that tests can promote retrieval practice. However, testing can also instantiate performance‐related pressure and anxiety that may misappropriate the resources responsible for producing learning benefits. The current project examined the effects of performance pressure on retrieval practice. In two experiments, we instantiated performance pressure with either high‐stakes or low‐stakes quizzes, and assessed memory and comprehension of content on both quizzes and final tests. Quiz performance was equivalent under high‐stakes and low‐stakes conditions, demonstrating that learners adapted to high‐pressure quizzes. However, final test performance was better after low‐stakes versus high‐stakes quizzes, and only low‐stakes quizzes led to a performance advantage over a rereading control group. Participants additionally exhibited some sensitivity to the difficulty of retrieving under pressure. These data highlight the benefits of retrieval practice but indicate that they can be disrupted under pressure‐driven conditions. Copyright © 2014 John Wiley & Sons, Ltd.