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A flashbulb memory is a detailed and vivid memory of the circumstances in which individuals are informed of the occurrence of an event they define as significant on both a personal and social level. Flashbulb memories differ from first-hand memories in the sense that individuals simply learn about the event from someone else rather than experiencing the event itself. The nature of the processes involved in the memorization and remembrance of a flashbulb memory is still debated in the literature. Some authors propose the existence of a dedicated memory mechanism called “Now Print!”to underscore the elaborate, vivid, and indelible nature of the flashbulb memory. Others assume that the formation and remembrance of a flashbulb memory involve ordinary memory processes similar to those that contribute to the encoding, retention, and retrieval of episodic autobiographical memories. The first aim of this review is to report on studies that have investigated recollection of flashbulb memories in terms of accuracy, consistency, vividness, and confidence in order to underline their specific characteristics. In addition, research that has attempted to determine the cognitive and neural processes that underpin their formation and remembrance are also presented in order to better understand common points and differences with autobiographical episodic and traumatic memories. Furthermore, since a flashbulb memory is formed following the occurrence of an event often described as historical for a group of individuals, the second part of this review is devoted to the special place occupied by the flashbulb memory at the crossroads of individual and collective memory. In this regard, we finish by examining studies that have evaluated the influence of culture on the formation of flashbulb memories and looked into how this type of memory contributes to constructing individual and collective identity.