Behavioral, clinical, and neuroimaging data have revealed multiple memory systems in the brain over the last few decades. A memory system is a type of memory that uses unique mechanisms to process a certain type of information and has discrete neural correlates. As a result, memory is a collection of independent systems rather than a single capacity. From the standpoint of development, each memory system follows its path. This explains the diversity of children's memory abilities: 3-year-olds, for example, acquire a lot of new words and concepts every day yet have problems recalling an event that happened a week ago in detail. We provide recent findings on the development of declarative memory (i.e., episodic and semantic memory) and the relationship between the maturity of their neural correlates and the occurrences of infantile and childhood amnesia in this paper. Finally, we discuss some of the future research directions that could be pursued.