We present analysis of existing memory models, examining how models represent knowledge, structure memory, learn, make decisions, and predict reaction times. On the basis of this analysis, we propose a theoretical framework that characterizes memory modelling in terms of six key decisions:(1) choice of knowledge representation scheme, (2) choice of data structure, (3) choice of associative architecture, (4) choice of learning rule, (5) choice of time variant process, and (6) choice of response decision criteria. This framework is both descriptive and proscriptive: we intend to both describe the state of the literature and outline what we believe is the most fruitful space of possibilities for the development of future memory models.