It has been frequently described that older adults subjectively report the vividness of their memories as being as high, or even higher, than young adults, despite poorer objective memory performance and/or lower activity in the associated brain regions. Here, we review studies that examined age-related changes in the cognitive and neural basis of the subjective experience of remembering. Together, these studies reveal that older adults assign subjective memory ratings that are as high or higher than young adults but rely on retrieved memory details to a lesser extent. We discuss potential mechanisms underlying this observation. Overestimation of subjective ratings may stem from metamemory changes, psycho-social factors or methodological issues. As for poorer calibration of the ratings, this may be explained by the fact that older adults rely on/weight other types of information (conceptual knowledge, personal memories, and socioemotional or gist aspects of the memory trace) to a greater extent than young adults when judging the subjective vividness of their memories. We further highlight that a desirable avenue for future research would be to investigate how subjective ratings follow the richness of the corresponding mental representations in other cognitive operations than episodic memory and in other populations than healthy older adults. Finally, we recommend that future studies explore the bases of the subjective sense of remembering across the lifespan while considering recent accounts focusing both on individual and collective/shared aspects of recollection.