While existing research often treats long-form videos as extended short videos, we propose a novel approach that more accurately reflects human cognition. This paper introduces BREASE: BRidging Episodes And SEmantics for Long-Form Video Understanding, a model that simulates episodic memory accumulation to capture action sequences and reinforces them with semantic knowledge dispersed throughout the video. Our work makes two key contributions: First, we develop an Episodic COmpressor (ECO) that efficiently aggregates crucial representations from micro to semi-macro levels. Second, we propose a Semantics reTRiever (SeTR) that enhances these aggregated representations with semantic information by focusing on the broader context, dramatically reducing feature dimensionality while preserving relevant macro-level information. Extensive experiments demonstrate that BREASE achieves state-of-the-art performance across multiple long video understanding benchmarks in both zero-shot and fully-supervised settings. The project page and code are at: this https URL.