This study aimed to investigate children's potential for reasoning by analogy utilizing a newly-developed computerized dynamic test, and the potential differential influence of executive functions (cognitive flexibility, attention, and planning) on static and dynamic measures of analogical reasoning. Participants included 64 children (mean age = 7.55). The study employed a two-session experimental test-training-test design. Based on randomized blocking, half of the children received a graduated prompts training between pre-test and post-test, and the other half did not. Trained children improved more than control children in both their accuracy scores and number of accurately applied transformations from pre-test to post-test. It was further found that cognitive flexibility, attention and planning, is associated with successful solving of analogies. Training children in analogical reasoning seemed to reduce the effect of executive functions. It was also found that that children who were more cognitively flexible needed more prompts during the training.