The aim of this study is to penetrate deeper into musical psychology in the functioning of human memory with an emphasis on musical memory. It tries to summarize the current state of research in the field of human memory and musical memory. It examines the utilization of musical memory by professional musicians from various aspects, such as the recognition and recall of musical elements, the development of several levels of musical memory (visual, formal, kinesthetic, motoric aspects), and the flexibility of musical memory. It deals with the ability of having absolute pitch and the relationship of music and speech (the ability to remember several languages and play several musical instruments). It also discusses various medical conditions (Alzheimer’s disease) that influence people’s musical memory.