Both theory of mind (ToM) and executive functioning have been related to children's academic abilities. In a longitudinal study with 112 children, we investigated the influence of these two abilities on children's math and reading performance at 7 years of age. We found that math performance was predicted by concurrent working memory as well as by preschool numerical abilities and ToM. Reading performance was predicted by concurrent working memory and verbal IQ at 6 years. This corroborates earlier research demonstrating the importance of executive functioning (working memory) and ToM for later academic abilities. We argue that ToM may be an important developmental precursor of math performance because both require an understanding of representations.