Age-related differences in behavioral and electrophysiological indices of memory were examined in 3- to 6-year-old children (N = 76). Behaviorally, no differences were observed in children's ability to identify old items; however, 3-year-old children were less accurate in correctly rejecting new items, and 3- and 4-year-old children recalled fewer contextual details compared to 5- and 6-year-old children. Age-related differences in electrophysiological measures (800–1,000 ms after stimulus onset) were observed both to items recalled with contextual details, which increased between 3 and 4 years, and items recalled without contextual details, which were greatest in 5-year-old children, even after adjusting for global age-related differences. These findings, interpreted within a dual-process framework, may suggest changes in both recollection and familiarity processes during early childhood.