Evidence that the abilities to repeat nonwords and to learn language are very closely related to one another has led to widespread interest in the cognitive processes underlying nonword repetition. One suggestion is that nonword repetition is a relatively pure measure of phonological short-term memory closely associated with other measures of short-term memory such as serial recall. The present study compared serial recall of lists of monosyllabic nonwords and repetition of matched phonological forms presented as a multisyllabic nonword in typically developing school-age children. Results revealed that whereas both serial recall and nonword repetition responses showed classic short-term memory characteristics such as a serial position curve and decreasing accuracy with increasing sequence length, nonword repetition was associated with more accurate repetition overall and errors that were more closely matched to the target. Consonants benefited from nonword repetition to a greater extent than vowels. These findings indicate that factors in addition to short-term memory support retention in nonword repetition. It is suggested that coarticulatory and prosodic cues may play important roles in the recall of multisyllabic phonological forms.