diff --git a/index.js b/index.js
index 30053ed..295ab7a 100644
--- a/index.js
+++ b/index.js
@@ -21,6 +21,7 @@ exports.serializerVersion = 2
 exports.theme = {
   react: {
     functionType: '\u235F',
+    memoizedType: `\u235D`,
     openTag: {
       start: '<',
       end: '>',
diff --git a/lib/elementFactory.js b/lib/elementFactory.js
index 2697f87..43b1ef3 100644
--- a/lib/elementFactory.js
+++ b/lib/elementFactory.js
@@ -5,6 +5,7 @@ const diffShallow = require('./diffShallow')
 const escapeText = require('./escapeText')
 
 const FRAGMENT_NAME = Symbol.for('react.fragment')
+const MEMO_TYPE = Symbol.for('react.memo')
 
 function factory (api, reactTags) {
   const tag = Symbol('@concordance/react.ElementValue')
@@ -62,7 +63,11 @@ function factory (api, reactTags) {
   function describe (props) {
     const element = props.value
 
-    const type = element.type
+    let type = element.type
+    const hasMemoizedType = type.$$typeof === MEMO_TYPE
+    // Dereference underlying type if memoized.
+    if (hasMemoizedType) type = type.type
+
     const hasTypeFn = typeof type === 'function'
     const typeFn = hasTypeFn ? type : null
     const name = hasTypeFn ? type.displayName || type.name : type
@@ -78,6 +83,7 @@ function factory (api, reactTags) {
 
     return new DescribedElementValue(Object.assign({
       children,
+      hasMemoizedType,
       hasProperties,
       hasTypeFn,
       name,
@@ -96,6 +102,7 @@ function factory (api, reactTags) {
       super(props)
       this.isFragment = props.name === FRAGMENT_NAME
       this.name = props.name
+      this.hasMemoizedType = props.hasMemoizedType
       this.hasProperties = props.hasProperties
       this.hasTypeFn = props.hasTypeFn
 
@@ -110,13 +117,15 @@ function factory (api, reactTags) {
 
     formatName (theme) {
       const formatted = api.wrapFromTheme(theme.react.tagName, this.isFragment ? 'React.Fragment' : this.name)
-      return this.hasTypeFn
-        ? formatted + theme.react.functionType
-        : formatted
+      if (this.hasMemoizedType) return formatted + theme.react.memoizedType
+      if (this.hasTypeFn) return formatted + theme.react.functionType
+      return formatted
     }
 
     compareNames (expected) {
-      return this.name === expected.name && this.hasTypeFn === expected.hasTypeFn
+      return this.name === expected.name &&
+        this.hasMemoizedType === expected.hasMemoizedType &&
+        this.hasTypeFn === expected.hasTypeFn
     }
 
     formatShallow (theme, indent) {
@@ -216,7 +225,15 @@ function factory (api, reactTags) {
     }
 
     serialize () {
-      return [this.isFragment, this.isFragment ? null : this.name, this.hasProperties, this.hasTypeFn, super.serialize()]
+      // TODO: Reorder hasMemoizedType before next major release.
+      return [
+        this.isFragment,
+        this.isFragment ? null : this.name,
+        this.hasProperties,
+        this.hasTypeFn,
+        super.serialize(),
+        this.hasMemoizedType
+      ]
     }
   }
   Object.defineProperty(ElementValue.prototype, 'tag', {value: tag})
@@ -328,6 +345,7 @@ function factory (api, reactTags) {
         super(state[4], recursor)
         this.isFragment = state[0]
         this.name = this.isFragment ? FRAGMENT_NAME : state[1]
+        this.hasMemoizedType = state.length === 5 ? false : state[5]
         this.hasProperties = state[2]
         this.hasTypeFn = state[3]
       }
diff --git a/test/backcompat.js b/test/backcompat.js
new file mode 100644
index 0000000..242b6e5
--- /dev/null
+++ b/test/backcompat.js
@@ -0,0 +1,24 @@
+import test from 'ava'
+import {compareDescriptors, describe, deserialize} from 'concordance'
+
+import React from 'react'
+
+import plugin from '..'
+import HelloMessage from './fixtures/react/HelloMessage'
+
+const plugins = [plugin]
+
+const equalsSerialization = (t, buffer, getValue) => {
+  const expected = describe(getValue(), {plugins})
+
+  const deserialized = deserialize(buffer, {plugins})
+  t.true(
+    compareDescriptors(deserialized, expected),
+    'the deserialized descriptor equals the expected value')
+}
+
+test('element serialization before React.memo support was added',
+  equalsSerialization,
+  Buffer.from('AwAfAAAAAQERARJAY29uY29yZGFuY2UvcmVhY3QBAgEBAQEBAlwAAABiAAAAEwEFEBEBDEhlbGxvTWVzc2FnZQ8PEwEGEQEGT2JqZWN0AQERAQZPYmplY3QQEBAAAQ0AAQEAAQ8AEwECFAEDAAEFEQEEbmFtZRQBAwABBREBBEpvaG4=', 'base64'), // eslint-disable-line max-len
+  () => <HelloMessage name='John' />
+)
diff --git a/test/compare.js b/test/compare.js
index 91c863f..7e15bd5 100644
--- a/test/compare.js
+++ b/test/compare.js
@@ -4,7 +4,7 @@ import React from 'react'
 import renderer from 'react-test-renderer'
 
 import plugin from '..'
-import HelloMessage from './fixtures/react/HelloMessage'
+import HelloMessage, {MemoizedHelloMessage} from './fixtures/react/HelloMessage'
 
 const plugins = [plugin]
 const render = value => renderer.create(value).toJSON()
@@ -30,6 +30,10 @@ test('react elements', macros,
   () => React.createElement('Foo'),
   () => React.createElement('Bar'))
 
+test('memoized elements', macros,
+  () => <MemoizedHelloMessage name='John' />,
+  () => <MemoizedHelloMessage name='Olivia' />)
+
 test('fragments', macros,
   () => <React.Fragment><HelloMessage name='John' /></React.Fragment>,
   () => <React.Fragment><HelloMessage name='Olivia' /></React.Fragment>)
diff --git a/test/diff.js b/test/diff.js
index 5b02113..5c06c60 100644
--- a/test/diff.js
+++ b/test/diff.js
@@ -4,7 +4,7 @@ import React from 'react'
 import renderer from 'react-test-renderer'
 
 import plugin from '..'
-import HelloMessage from './fixtures/react/HelloMessage'
+import HelloMessage, {MemoizedHelloMessage} from './fixtures/react/HelloMessage'
 
 const plugins = [plugin]
 
@@ -28,6 +28,14 @@ test('react elements', macros,
   () => <strong>arm</strong>,
   () => <em>arm</em>)
 
+test('memoized elements', macros,
+  () => <MemoizedHelloMessage name='John' />,
+  () => <MemoizedHelloMessage name='Olivia' />)
+
+test('memoized elements against non-memoized elements', macros,
+  () => <MemoizedHelloMessage name='John' />,
+  () => <HelloMessage name='John' />)
+
 test('fragments', macros,
   () => <React.Fragment><HelloMessage name='John' /></React.Fragment>,
   () => <React.Fragment><HelloMessage name='Olivia' /></React.Fragment>)
diff --git a/test/fixtures/react/HelloMessage.jsx b/test/fixtures/react/HelloMessage.jsx
index 2606758..a129e80 100644
--- a/test/fixtures/react/HelloMessage.jsx
+++ b/test/fixtures/react/HelloMessage.jsx
@@ -11,3 +11,5 @@ export default class HelloMessage extends React.Component {
     return <div>Hello <NameHighlight name={this.props.name} /></div>
   }
 }
+
+export const MemoizedHelloMessage = React.memo(HelloMessage)
diff --git a/test/format.js b/test/format.js
index 1c4f404..ce31ce7 100644
--- a/test/format.js
+++ b/test/format.js
@@ -4,7 +4,7 @@ import React from 'react'
 import renderer from 'react-test-renderer'
 
 import plugin from '..'
-import HelloMessage from './fixtures/react/HelloMessage'
+import HelloMessage, {MemoizedHelloMessage} from './fixtures/react/HelloMessage'
 
 const plugins = [plugin]
 const format = (value, options) => concordance.format(value, Object.assign({plugins}, options))
@@ -22,6 +22,7 @@ snapshotRendered.title = prefix => `formats rendered ${prefix}`
 const macros = [snapshot, snapshotRendered]
 
 test('react elements', macros, () => <HelloMessage name='John' />)
+test('memoized elements', macros, () => <MemoizedHelloMessage name='John' />)
 test('fragments', macros, () => <React.Fragment><HelloMessage name='John' /></React.Fragment>)
 test('object properties', macros, () => {
   return React.createElement('Foo', {object: {baz: 'thud'}})
diff --git a/test/serialize-and-encode.js b/test/serialize-and-encode.js
index ead3b46..03bbc1f 100644
--- a/test/serialize-and-encode.js
+++ b/test/serialize-and-encode.js
@@ -5,7 +5,7 @@ import React from 'react'
 import renderer from 'react-test-renderer'
 
 import plugin from '..'
-import HelloMessage from './fixtures/react/HelloMessage'
+import HelloMessage, {MemoizedHelloMessage} from './fixtures/react/HelloMessage'
 
 const plugins = [plugin]
 
@@ -46,15 +46,7 @@ useDeserializedRendered.title = prefix => `deserialized rendered ${prefix} is eq
 const macros = [useDeserialized, useDeserializedRendered]
 
 test('react elements', macros, () => <HelloMessage name='John' />)
-// TODO: Combine next two tests with `macros` array
-test.failing('memoized react elements', useDeserialized, () => {
-  const MemoizedHelloMessage = React.memo(HelloMessage)
-  return <MemoizedHelloMessage name='John' />
-})
-test('memoized react elements', useDeserializedRendered, () => {
-  const MemoizedHelloMessage = React.memo(HelloMessage)
-  return <MemoizedHelloMessage name='John' />
-})
+test('memoized elements', macros, () => <MemoizedHelloMessage name='John' />)
 test('fragments', macros, () => <React.Fragment><HelloMessage name='John' /></React.Fragment>)
 test('object properties', macros, () => {
   return React.createElement('Foo', {object: {baz: 'thud'}})
diff --git a/test/snapshots/diff.js.md b/test/snapshots/diff.js.md
index 7581e05..cededdb 100644
--- a/test/snapshots/diff.js.md
+++ b/test/snapshots/diff.js.md
@@ -181,6 +181,24 @@ Generated by [AVA](https://ava.li).
         </div>␊
       </div>`
 
+## diffs memoized elements
+
+> Snapshot 1
+
+    `  <HelloMessage⍝␊
+    -   name="John"␊
+    +   name="Olivia"␊
+      />`
+
+## diffs memoized elements against non-memoized elements
+
+> Snapshot 1
+
+    `- <HelloMessage⍝␊
+    + <HelloMessage⍟␊
+        name="John"␊
+      />`
+
 ## diffs multiline string properties
 
 > Snapshot 1
@@ -447,6 +465,29 @@ Generated by [AVA](https://ava.li).
         </div>␊
       </div>`
 
+## diffs rendered memoized elements
+
+> Snapshot 1
+
+    `  <div>␊
+        Hello ␊
+        <mark>␊
+    -     John␊
+    +     Olivia␊
+        </mark>␊
+      </div>`
+
+## diffs rendered memoized elements against non-memoized elements
+
+> Snapshot 1
+
+    `  <div>␊
+        Hello ␊
+        <mark>␊
+          John␊
+        </mark>␊
+      </div>`
+
 ## diffs rendered multiline string properties
 
 > Snapshot 1
diff --git a/test/snapshots/diff.js.snap b/test/snapshots/diff.js.snap
index 085e199..7da6f68 100644
Binary files a/test/snapshots/diff.js.snap and b/test/snapshots/diff.js.snap differ
diff --git a/test/snapshots/format.js.md b/test/snapshots/format.js.md
index 272a383..3bfc8fe 100644
--- a/test/snapshots/format.js.md
+++ b/test/snapshots/format.js.md
@@ -66,6 +66,14 @@ Generated by [AVA](https://ava.li).
       </div>␊
     </div>`
 
+## formats memoized elements
+
+> Snapshot 1
+
+    `<HelloMessage⍝␊
+      name="John"␊
+    />`
+
 ## formats multiline string properties
 
 > Snapshot 1
@@ -184,6 +192,17 @@ Generated by [AVA](https://ava.li).
       </div>␊
     </div>`
 
+## formats rendered memoized elements
+
+> Snapshot 1
+
+    `<div>␊
+      Hello ␊
+      <mark>␊
+        John␊
+      </mark>␊
+    </div>`
+
 ## formats rendered multiline string properties
 
 > Snapshot 1
diff --git a/test/snapshots/format.js.snap b/test/snapshots/format.js.snap
index 99684ba..f0c9f53 100644
Binary files a/test/snapshots/format.js.snap and b/test/snapshots/format.js.snap differ