Adolescence is a period marked by profound changes in both capacities for learning and the motivational drives that guide behavior. Motivated learning, including the ability to associate cues with actions that lead to positive or negative outcomes, is a fundamental component of adaptive behavior and is essential for survival. Equally important is the encoding of events during learning, which may be influenced by the valence of outcomes. Given the substantial neurocognitive changes in motivated learning and memory that occur from childhood to adulthood, adolescence provides a unique window to investigate mechanisms of these adaptive behaviors. Yet, we know surprisingly little about the development of these behaviors, with sparse extant research fraught with inconsistent findings. In this study, we examined motivated learning and incidental memory using a validated affective learning task in a sample of 174 participants aged 8 to 25 years. The task orthogonalized action and outcome valence and included incidental encoding of trial-unique images presented during feedback, followed by a delayed memory test. We show that adolescents outperform both children and adults in learning by leveraging Pavlovian response biases. In contrast, children exhibit enhanced memory for stimuli associated with positive outcomes compared to adolescents and adults. These findings point to distinct developmental advantages: enhanced learning performance in adolescence and enhanced memory for rewarding events in childhood, each potentially adaptive at their respective developmental stages. Together, these findings suggest opportunities to leverage learning and memory in youth for practical applications, such as education and policy setting.