Previous neuroimaging research with adults suggests that the medial prefrontal cortex (MPFC) and the medial posterior parietal cortex (MPPC) are engaged during self-knowledge retrieval processes. However, this has yet to be assessed in a developmental sample. Twelve children and 12 adults (average age = 10.2 and 26.1 years, respectively) reported whether short phrases described themselves or a highly familiar other (Harry Potter) while undergoing functional magnetic resonance imaging. In both children and adults, the MPFC was relatively more active during self- than social knowledge retrieval, and the MPPC was relatively more active during social than self-knowledge retrieval. Direct comparisons between children and adults indicated that children activated the MPFC during self-knowledge retrieval to a much greater extent than adults. The particular regions of the MPPC involved varied between the two groups, with the posterior precuneus engaged by adults, but the anterior precuneus and posterior cingulate engaged by children. Only children activated the MPFC significantly above baseline during self-knowledge retrieval. Implications for social cognitive development and the processing functions performed by the MPFC are discussed.