This article reviews the major empirical results and theoretical issues from over 20 years of research on people's acceptance of false information about recently experienced events (see, e.g., Loftus, 1975). Several theoretical perspectives are assessed in terms of their ability to account for the various and sometimes conflicting results in the literature. Theoretical perspectives reviewed include the trace alteration hypothesis, the blocking hypothesis, the task demands/strategic effects hypothesis, source monitoring, and an activation-based semantic memory account. On the basis of its ability to account for the reviewed data and other cognitive phenomena, an activation-based semantic network model of memory is suggested for understanding the data and planning future research in the area.