Deficits in memory function have been described in children and adolescents who were born very preterm (VPT), which can have profound effects on their school achievement and everyday life. However, to date, little is known about the development of the neuroanatomical substrates of memory following VPT birth. Here we focus on episodic and working memory and highlight key recent functional and structural magnetic resonance imaging (MRI) studies that have advanced our understanding of the relationship between alterations seen in the VPT brain and typical neurodevelopment of networks supporting these memory functions. We contrast evidence from the episodic and working memory literatures and suggest that knowledge gained from these functional and neuroanatomical studies may point to specific time windows in which working memory interventions may be most effective.