The present study examined preservice elementary teachers' performance on the problems of multiplication and division of fractions and compared their performances and analyzed the misconceptions. An instrument including 11 fraction multiplication and division tasks was given and the task involved three contexts: making own story problem, computations, representing operation using visual model. The findings reported that among the three contexts, making a diagram was the most challenging task for both operations, and their division performance varied depending on the division problem types. The author suggests that specific emphasis with rich story problem with different whole(s) in fraction, carefully designed context with different types of division concept, and building fractional number sense can help both PSTs and students reduce misconceptions and enhance deeper understanding of fraction operations.