The notion that the brain is organized into two complementary networks, one that is task-positive and supports externally-oriented processing, and the other that is task-negative and supports internally-oriented processing, has recently attracted increasing attention. The goal of the present study was to investigate involvement of the task-positive and task-negative networks in overlapping activity between episodic memory encoding and retrieval. To this end, we performed a functional MRI study that included both encoding and retrieval tasks. We hypothesized that during the study phase, encoding success activity (remembered > forgotten) involves mainly the task-positive network, whereas encoding failure activity (forgotten > remembered) involves mainly the task-negative network. We also hypothesized that during the test phase, retrieval success activity (old > new) involves mainly the task-negative network, whereas novelty detection activity (new > old) involves mainly the task-positive network. Based on these hypotheses, we made 3 predictions regarding study-test overlap. First, there would be relatively high level of overlap between encoding success and novelty detection activity involving the task-positive network. Second, there would be relatively high level of overlap between encoding failure and retrieval success activity involving the task-negative network. Third, there would be relatively low level of overlap between encoding success and retrieval success activity as well as between encoding failure and novelty detection activity. The results fully confirmed our 3 predictions. Taken together, the present findings clarify roles of the task-positive and task-negative networks in encoding and retrieval and the function of overlapping brain activity between encoding and retrieval.