This study examined the combined influence of assimilation and contrast effects on the memory self-efficacy and objective memory of young (ages 18-25, n = 114), middle-age (ages 26-59, n = 48), and older (ages 60-98, n = 59) adults. We reminded participants that they matched positive, not negative, memory-relevant or memory-irrelevant stereotypes of aging either before (experimental conditions) or after (control condition) they completed a memory self-efficacy questionnaire and took a memory test. Participants exposed to memory-relevant aging stereotypes prior to other measures reported higher memory self-efficacy than those exposed to memory-irrelevant stereotypes; this effect did not depend on age group. In contrast, the effect of stereotype exposure on memory performance differed with age. Young and older, but not middle-aged, adults showed differences in their memory scores depending on whether they were exposed to memory-relevant, memory-irrelevant or no aging stereotypes. In general, exposure to stereotypes (particularly those relevant to memory) had a negative influence on memory that contrasted with its positive effect on memory self-efficacy. Together, these results indicate that exposure to aging stereotypes can have opposing effects on the memory self-efficacy and objective test performance of adults of various ages and that the relevance of the stereotypes to the cognitive domain being assessed matters.