Consumers strongly rely on their memories and experiences during their decision‐making processes. Yet, despite empirical evidence that both semantic and episodic brand memories affect consumer behavior, literature on their distinction and differential impact is scarce. This empirical investigation seeks to reduce this imbalance by enhancing the understanding of these consumer knowledge structures. Using a mixed methods approach including a collage technique and one‐to‐one interviews (N = 118) consisting of open‐ended and closed‐ended (survey) elements and a subsequent content analysis, this research (1) explores differences in memory between brand users and nonusers, (2) evaluates the distinct impact of semantic and episodic memories on brand perceptions, and (3) presents a taxonomy of the principal domains of semantic and episodic brand memories and their implications for brand management. The article concludes by discussing theoretical, methodological, and managerial implications, as well as opening new avenues for future research directed at understanding and managing consumers’ semantic and episodic brand memories.