Background <p>Declarative memory plays a crucial role in learning and may serve as a compensatory mechanism for phonological deficits in individuals with dyslexia. However, research on its variability within this population remains limited. This study aimed to identify distinct declarative memory profiles in children and adolescents with dyslexia and examine their potential compensatory role.</p> Methods <p>A total of 714 participants aged 10–19 years, including 136 individuals with dyslexia and 578 neurotypical controls, completed the Test of Memory and Learning Second Edition (TOMAL-2). A Latent Profile Analysis was used to identify memory subgroups based on six TOMAL-2 indices. Group differences were analyzed using independent samples t-tests, and logistic regression was conducted to assess the predictive utility of memory indices for dyslexia classification.</p> Results <p>Four distinct declarative memory profiles emerged: Typical Memory Performance (78%), Divergent Memory Abilities (11%), Globally Impaired Memory (8%), and Verbal Delayed Recall Impaired Memory (3%). While most individuals with dyslexia exhibited typical declarative memory performance, they were significantly more likely to belong to the Divergent Memory Abilities or Globally Impaired Memory profiles compared to the controls. The logistic regression analysis revealed that lower sequential and free recall scores, combined with stronger nonverbal memory, were significant predictors of dyslexia.</p> Conclusions <p>These findings highlight the heterogeneity of declarative memory in dyslexia, demonstrating that while some individuals rely on memory strength to compensate for phonological deficits, others experience broader memory impairments. This variability underscores the need for personalized interventions that leverage declarative memory strength while supporting those with deficits. Future research should explore longitudinal changes and cross-linguistic differences for targeted educational strategies.</p>