Autobiographical memory theory and research have focused primarily on memories of personally experienced events. We propose that remembering specific memories and life stories recounted by others, termed vicarious memory (VM), is an essential component of personal identity and successful living. We examine (a) the broad adaptive significance of VM; (b) the importance of VM at different developmental periods, with a focus on early childhood; (c) the role played by VM when people confront new and challenging circumstances; (d) the value of VM for deepening understanding of others and establishing relationships; and (e) the positive consequences for personal identity of an enriched connection to family members' life stories. Although our primary focus is on the positive qualities of VM, we also draw attention to circumstances under which VM is problematic or dysfunctional. We conclude by proposing new directions for research and by identifying practical applications.