Visual working memory retains visual information for controlling behavior. We studied how information in visual working memory is prioritized for being used. In two experiments, participants memorized the stimuli of a memory display for a brief interval, followed by a retro-cue. The retro-cue was either valid, indicating which stimulus from the memory display was relevant (i.e., had priority) in the upcoming comparison with a probe, or was neutral (uninformative). Next, the probe was presented, terminated by a mask, and participants reported whether it matched a stimulus from the memory display. The presentation duration of the probe was varied. Assessing performance as a function of presentation duration allowed to disentangle two components of working memory: memory retention and the speed of processing the probe for the memory-based comparison. Compared with neutral retro-cues, valid retro-cues improved retention and at the same time accelerated processing of the probe. These findings show for the first time that prioritization in working memory impacts on distinct mechanisms: retrospectively, it supports memory retention, and prospectively, it enhances perceptual processing in upcoming comparison tasks.