An account of episodic memories is developed that focuses on the types of knowledge they represent, their properties, and the functions they might serve. It is proposed that episodic memories consist of episodic elements, summary records of experience often in the form of visual images, associated to a conceptual frame that provides a conceptual context. Episodic memories are embedded in a more complex conceptual system in which they can become the basis of autobiographical memories. However, the function of episodic memories is to keep a record of progress with short-term goals and access to most episodic memories is lost soon after their formation. Finally, it is suggested that developmentally episodic memories form the basis of the conceptual system and it is from sets of episodic memories that early non-verbal conceptual knowledge is abstracted.