Information learned in relation to oneself is typically better remembered, termed the self‐reference effect (SRE). This study aimed to elucidate the developmental trajectory of the SRE in recollection and source memory from mid‐childhood to young adulthood. In 2018–2019 in Baltimore, Maryland, 136 seven‐ to thirty‐year‐olds (77 female; approximately 80% White, 15% Asian American, 5% Black) viewed objects on one of two backgrounds and answered a self‐referential or semantic question for each. A recognition test probed memory for objects and source details (inherent: question type; peripheral: background image). SRE increased with age for detailed recollection (r = .189), but not familiarity, and extended to inherent source memory. This suggests that self‐referencing promotes richer memory in children and develops into young adulthood.