It has been demonstrated earlier in healthy adult volunteers that visually and multisensory (audiovisual) guided equivalence learning are similarly effective. Thus, these processes seem to be independent of stimulus modality. The question arises as to whether this phenomenon can be observed also healthy children and adolescents. To assess this, visual and audiovisual equivalence learning was tested in 157 healthy participants younger than 18 years of age, in both a visual and an audiovisual paradigm consisting of acquisition, retrieval and generalization phases. Performance during the acquisition phase (building of associations), was significantly better in the multisensory paradigm, but there was no difference between the reaction times (RTs). Performance during the retrieval phase (where the previously learned associations are tested) was also significantly better in the multisensory paradigm, and RTs were significantly shorter. On the other hand, transfer (generalization) performance (where hitherto not learned but predictable associations are tested) was not significantly enhanced in the multisensory paradigm, while RTs were somewhat shorter. Linear regression analysis revealed that all the studied psychophysical parameters in both paradigms showed significant correlation with the age of the participants. Audiovisual stimulation enhanced acquisition and retrieval as compared to visual stimulation only, regardless of whether the subjects were above or below 12 years of age. Our results demonstrate that multisensory stimuli significantly enhance association learning and retrieval in the context of sensory guided equivalence learning in healthy children and adolescents. However, the audiovisual gain was significantly higher in the cohort below 12 years of age, which suggests that audiovisually guided equivalence learning is still in development in childhood.