The presented research was conducted in order to investigate the connections between developmental dyslexia and the functioning of verbatim and gist memory traces--assumed in the fuzzy-trace theory. The participants were 71 high school students (33 with dyslexia and 38 without learning difficulties). The modified procedure and multinomial model of Stahl and Klauer (simplified conjoint recognition model) was used to collect and analyze data. Results showed statistically significant differences in four of the model parameters: (a) the probability of verbatim trace recollection upon presentation of orthographically similar stimulus was higher in the control than dyslexia group, (b) the probability of verbatim trace recollection upon presentation of semantically similar stimulus was higher in the control than dyslexia group, (c) the probability of gist trace retrieval upon presentation of semantically similar stimulus was higher in the dyslexia than control group, and (d) the probability of gist trace retrieval upon target stimulus presentation (in the semantic condition) was higher in the control than dyslexia group. The obtained results suggest differences of memory functioning in terms of verbatim and gist trace retrieval between people with and without dyslexia on specific, elementary cognitive processes postulated by the fuzzy-trace theory. These can indicate new approaches in the education of persons with developmental dyslexia, focused on specific impairments and the strengths of their memory functioning.