Recent research has highlighted the critical role in children's cognitive development of the metacognitive support parents give their children during everyday interactions. Our main goal was to examine whether parents made consistent use of metacognitive talk across different parent - child interaction contexts and to document the effect of this metacognitive talk across contexts on preschoolers' memory. The relation between children's and parents' metacognitive talk was also examined, along with the link between children's metacognitive talk and their own memory performance. 64 Belgian preschooler - parent dyads (M[subscript age] = 40.3 months) were invited to play memory games together and to reminisce about a standardized event. In both contexts, parents' and children's utterances were analyzed for their metacognitive content. Children's episodic memory was assessed through a story-recall task. Results revealed that, in terms of frequency of use, parents exhibited a somewhat consistent metacognitive style across contexts. The nature of the metacognitive comments that were produced, however, varied depending on the context. Moreover, parents' consistent production of higher rates of metacognitive comments in both contexts was found to be associated with better memory performance in children. Our data also revealed that children's tendency to make metacognitive comments was related to their parents' metacognitive production and to their own memory performance. By documenting the relations between parents' and children's metacognitive talk and the effect on children's memory, this study provides promising avenues for a better understanding of how metacognitive processes might be involved in early memory development.