The crucial role of lateral parietal regions in episodic memory has been confirmed in previous studies. While aging has an influence on retrieval of episodic memory, it remains to be examined how the involvement of lateral parietal regions in episodic memory changes with age. We investigated episodic memory retrieval in two age groups, using faces as stimuli and retrieval success as a measure of episodic memory. Young and elderly participants showed activation within a similar network, including lateral and medial parietal as well as prefrontal regions, but elderly showed a higher level of brain activation regardless of condition. Furthermore, we examined functional connectivity in the two age groups and found a more extensive network in the young group, including correlations of parietal and prefrontal regions. In the elderly, the overall stronger activation related to memory performance may indicate a compensatory process for a less extensive functional network.