Improvement in source memory performance throughout development is thought to be mediated by strategic processes that facilitate the retrieval of task-relevant information. Using event-related potentials (ERPs), we examined developmental changes in these processes during adolescence. Adolescents (13-14 years) and adults (19-29 years) completed a memory exclusion task which required the discrimination between words studied in one color ("targets") and words studied in the alternative color ("non-targets") under two conditions that put different demands on strategic control. Memory accuracy improved with age and also increased with decreasing control demands in both age groups. The parietal old/new effect, an ERP correlate of recollection, was reliable for targets across conditions in both age groups. By contrast, ERP correlates of non-target recollection were present in adolescents across conditions but not in adults. This suggests that adults implemented a strategy to prioritize recollection of target information with greater success than adolescents regardless of control demands, presumably reflecting maturational differences in cognitive control. In support of this view, the ERP amplitude difference between targets and non-targets was positively correlated with a measure of working memory capacity (WMC) in adults but not in adolescents. A further age-related difference was that ERP correlates of post-retrieval processing, including late right-frontal old/new effects and late posterior negativities, were observed in adults only. Together, our data suggest protracted maturation in the strategic processes that underlie selective recollection and post-retrieval control.