Objective: This research highlights the processes through which lasting episodic memories and their characterized level of need satisfaction (autonomy, competence, and relatedness) can impact well‐being, both at the situational level and over time. Method: Study 1 (N = 92, Mage = 42.07 years, 72% female) investigated the effect of the unconscious activation of a personal episodic memory on situational well‐being using a subliminal priming procedure. Study 2 (N = 275, Mage = 22.45 years, 84% female) followed the odyssey of an episodic memory by examining at various points over time its abstraction into perceptions of general need satisfaction and its long‐term effect on well‐being. Results: Study 1 revealed that the activation of a need‐satisfying memory produced an immediate increase in well‐being, whereas the triggering of a need‐thwarting memory led to an immediate decrease in well‐being compared to controls. Study 2 revealed little influence of individual differences, but need satisfaction in episodic memories had a significant cumulative impact on well‐being at different points in time over months and was abstracted into greater perceptions of general need satisfaction over time. Conclusion: Results provide convincing evidence for the directive function of memories on well‐being, both at the situational level and over time.