The Deese-Roediger-McDermott (DRM) paradigm has been at the centre of false memory research. Whereas most work with this paradigm has examined memory at the long term and with semantically associated lists, the present study examines phonological and semantic false memories at both short- and long-term delays. In two experiments, participants studied short lists containing six (Experiment 1) or four (Experiment 2) items, either semantically or phonologically related to the same non-studied critical items (CI). Following each list, participants completed 36 trials of an immediate recognition task (short-term memory [STM]-only condition) only or they also completed a surprise recognition test after a 1-min delay after all 36 STM trials (STM + long-term memory [LTM] condition). In STM, false alarms were higher in phonological lists, whereas after the delay, false alarms were higher in semantic lists, reflecting differential sensitivity to the type of association as a function of delay. A third experiment examined LTM performance after controlling for prior testing and yielded highly similar results. Both the activation-monitoring framework (AMF) and fuzzy-trace theory (FTT) can explain the majority of the findings, with some remaining issues. These results confirm that information from the knowledge base (LTM) does influence accuracy in an STM task, albeit less so than perceptual level similarity.