Fluent reprocessing of perceptual aspects of recently experienced stimuli is thought to support repetition priming effects on implicit perceptual memory tests. Although behavioral and neuropsychological dissociations demonstrate that separable mnemonic processes and neural substrates mediate implicit and explicit test performance, dual-process theories of memory posit that explicit recognition memory judgments may be based on familiarity derived from the same perceptual fluency that yields perceptual priming. Here we consider the relationship between familiarity-mediated recognition memory and implicit perceptual memory. A select review of the literature demonstrates that the fluency supporting implicit perceptual memory is functionally and anatomically distinct from that supporting recognition memory. In contrast to perceptual fluency, recognition familiarity is more sensitive to conceptual than to perceptual processing, and does not depend on modality-specific sensory cortices. Alternative possible relationships between familiarity in explicit memory and fluency in implicit memory are discussed.