Humans accumulate knowledge throughout their entire lives. In what ways does this accumulation of knowledge influence learning of new information? Are there age-related differences in the way prior knowledge is leveraged for remembering new information? We review studies that have investigated these questions, focusing on those that have used the memory congruency effect, which provides a quantitative measure of memory advantage because of prior knowledge. Regarding the first question, evidence suggests that the accumulation of knowledge is a key factor promoting the development of memory across childhood and counteracting some of the decline in older age. Regarding the second question, evidence suggests that, if available knowledge is controlled for, age-related differences in the memory congruency effect largely disappear. These results point to an age-invariance in the way prior knowledge is leveraged for learning new information. Research on neural mechanisms and implications for application are discussed.