We examined the critical task of emerging adulthood--identity development--via analyses of trajectories of identity exploration and commitment over the college years, as well as whether narrative processing of important events during this period served as a mechanism of identity exploration and commitment. We took advantage of a unique and comprehensive longitudinal design, which included 12 waves of data, both quantitative and qualitative assessments, collected over 4 years, on two distinct college campuses in the Northwestern and Northeastern regions of the United States (Wave 1, n = 639; growth models using all waves, n = 251). Analyses for this study were preregistered after data collection was complete. We first examined trajectories of exploration and commitment via the dual-cycle identity model. Second, we examined whether exploratory processing in the narration of future self-defining memories at specific waves predicted changes in exploration and commitment in subsequent waves. Findings indicated that exploration and commitment showed trajectories typically viewed as normative (e.g., increasing adaptive forms of exploration and commitment), although trajectories for those at higher socioeconomic statuses differed by showing more exploration and less commitment. We failed to find evidence that exploratory processing predicted changes in exploration and commitment. Implications include distinctions in measurement and theoretical approaches to the study of identity development, the need for greater understanding of what is developing before theorizing how it develops, and the limitations of what is considered normative without attention to structural constraints, such as social class.