Efficiency of working memory is the concept which connects psychology of memory with different fields of cognitive, differential and applied psychology. In this paper, the history of interest for the assessment of the capacity of short-term memory is presented in brief, as well as the different methods used nowadays to assess the individual differences in the efficiency of working memory. What follows is the consideration of studies that indicate the existence of significant links between the efficiency of working memory and general intelligence, the ability of reasoning, personality variables, as well as some socio-psychological phenomena. Special emphasis is placed on the links between the efficiency of working memory and certain aspects of pedagogical practice: acquiring the skill of reading, learning arithmetic and shedding light on the cause of general failure in learning at school. What is also provided are the suggestions that, in the light of knowledge about the development and limitations of working memory at school age, can be useful for teaching practice.