The study of memory is witnessing a spirited clash between proponents of traditional laboratory research and those advocating a more naturalistic approach to the study of “real-life” or “everyday” memory. The debate has generally centered on the “what” (content), “where” (context), and “how” (methods) of memory research. In this target article, we argue that the controversy discloses a further, more fundamental breach between two underlying memory metaphors, each having distinct implications for memory theory and assessment: Whereas traditional memory research has been dominated by the storehouse metaphor, leading to a focus on the number of items remaining in store and accessible to memory, the recent wave of everyday memory research has shifted toward a correspondence metaphor, focusing on the accuracy of memory in representing past events. The correspondence metaphor calls for a research approach that differs from the traditional one in important respects: in emphasizing the intentional –representational function of memory, in addressing the wholistic and graded aspects of memory correspondence, in taking an output-bound assessment perspective, and in allowing more room for the operation of subject-controlled metamemory processes and motivational factors. This analysis can help tie together soine of the what, where, and how aspects of the “real-life/laboratory” controversy. More important, however, by explicating the unique metatheoretical foundation of the accuracy-oriented approach to memory we aim to promote a more effective exploitation of the correspondence metaphor in both naturalistic and laboratory research contexts.