The twenty-first century has brought increased attention to what some have called millennials, the first generation to come of age in this century. Developmental psychologists have studied these young people between the ages of eighteen and thirty and found their characteristics have less to do with this generation; rather, they are more related to their phase of life. As a result, a new stage of development has been proposed called emerging adulthood. In developmental psychoanalysis, this phase has not been examined for some time, but historically, it has been referred to as young adulthood. This paper attempts to review the literature to ascertain the analytic understanding about young adults and to address two questions: what does psychoanalysis have to say about this developmental period and how does it compare with the current research coming out of developmental psychology? Does a review of this literature help us in assessing and treating these individuals?