Self-referential processing, the appraisal of how information relates to oneself, and perspective taking, the ability to take another person’s point of view, undergo continued development throughout adolescence. Research suggests a link between these processes in adults, but little is known about their relationship in adolescents. The current study assessed age-related differences in, and relationship between, self-referential processing and perspective taking in adolescence and early adulthood. Participants (N = 97) aged 11-35 years performed a self-referential memory task in which they rated how well a series of self-related adjectives (e.g., “joyful”) described themselves and how well a series of town-related adjectives (e.g., “touristy”) described London. During a subsequent surprise memory task, younger participants displayed increased memory accuracy and confidence for self-related adjectives, compared to town-related adjectives, and a memory bias that disadvantaged recognising town-related adjectives, compared to self-related adjectives. This heightened sensitivity to self-related information diminished with age: older participants showed no differences in memory accuracy, confidence ratings and memory bias between self- and town-related adjectives. Participants also completed the Director task, a measure of perspective taking. Results showed continued improvement in task performance from adolescence to adulthood. Across all ages, there was no significant relationship between the memory domain of self-referential processing and perspective taking. Overall, our findings show that adolescents display heightened self-referential biases in memory and perspective taking, but we found no evidence that these two processes are related.