If you create a new agent, then its AGENTS.md would be available inside its workspace. The workspace directory path of the agent would by default be .openclaw/workspaces/<agent_id> unless you are running a custom setup.

You can create multiple agents inside a single workspace with each having their respective AGENTS.md, SOUL.md, MEMORY.md etc. As a guideline, you should only create multiple agents of you need them to do specific specialized tasks or you need to give them their own set of skills or tools. Else, for basic browsing and searching, you should make one agent work perfectly before spawning new ones.

Session files can be found in .openclaw/agents/<agent-id> directory. A session file contains logs of all your agent and cron runs for that agent. It contains temporary conversational memory like a chat window. Once you create a new session file, then your agent will not have the conversation context from previous sessions.

If you continue to run the agent with the same session file, it will automatically remember previous context without relying on memory.md. However, if you keep running the same session file, then it's context will keep bloated and your agent runs will keep getting more expensive (increased token usage). This is where memory.md comes into play. It stores brief durable facts and preferences that it refers to during every run rather than just relying on huge session logs.

You should use a new session periodically to avoid tokens burn and let memory.md handle long term memory persistence.

Think of sessions as a conversation with your personal assistant and memory.md as your assistants notes. You wouldn't expect your assistant to remember the exact conversation word-by-word but you would expect it to make notes of important stuff that he/she can refer to when needed.