This review critically evaluates the animal and human research concerning vasopressin's putative mnemonic role. Weaknesses in the interpretations of the early animal experiments as well as the implications of the later inconsistent findings are discussed. It is concluded that both the initial enthusiasm and the subsequent skepticism concerning this hypothesized role were premature. This conclusion applies equally to the human research. A review of these studies reveals that almost all of the negative reports involved cognitively-impaired individuals. The relatively few studies that have been conducted concerning vasopressin's effects in unimpaired human subjects are consistent with the hypothesis that vasopressin does affect cognition, though both the mechanism of action and the specific cognitive processes which are altered have yet to be elucidated.