Memory plays an essential role in the human experience – it is a fundamental adaptive feature that allows us to carry out daily activities and plan for the future, based on previously acquired information. It has been argued that episodic memory, a component of autobiographical memory, lies at the core of subjectivity, and is a requirement for self-awareness. Psychedelic drugs have recently received a boost in interest and scientific exploration. The two key features of these drugs are their affinity for the 5-HT2A receptor, and their ability to instil the “ego-dissolution” phenomenon, from a neuropsychological point of view. In humans, memory processing is dependent on the serotonergic system, which incidentally calls psychedelic drugs into the equation. This presentation aims to collate and critically review the most recent evidence from neuropharmacological and neuropsychological research and introduce a novel theoretical framework for understanding the action of psychedelic drugs on the human brain, through their interaction with memory processing. This would be useful in the further exploration of the brain, in understanding the basis of human consciousness, and how these drugs are effective in psychiatric disorders and guide therapeutic interventions in the future.