The purpose of the study was to test a model of causal relationships among cognitive reserve (CR), personality variables such as Neuroticism and Openness to experience, and divergent thinking (DT), independently evaluating performance in different domains (verbal and graphic). It was hypothesized that CR, Openness, and Neuroticism would each directly influence verbal and graphic DT. A total of 135 subjects between 55 and 84 years old participated in the study and were interviewed in individual sessions. For a correct fit Neuroticism was eliminated from the measurement model. The goodness-of-fit indexes of the measurement model, the adequate composite reliability index and the discriminant validity supported the viability of the structural equation model (SEM). The goodness-of-fit indexes confirmed the existence of a significant effect of CR and Openness to experience in predicting both verbal and graphic DT. The three CR indicators had high loadings in their theoretical factor, with the observed variables study-work and WAIS vocabulary showing the highest loads. In summary, subjects with CR and Openness to experience were more flexible and original when solving verbal problems, and to a lesser degree, graphic problems.