The development of children's future-oriented cognition has become a popular research topic in the past two decades. Much of this research focuses on the preschool and middle childhood years, but very little is known about the future-oriented cognitive abilities of toddlers and young preschoolers. The present study investigated the emergence of future-oriented cognition in toddlerhood and explored its relation with cognitive (i.e., executive function, episodic memory, and self-concept) and language abilities (i.e., expressive vocabulary, parent-child talk, temporal word use, and time metaphor use). Parents (N = 205) of 2- to 3-year-old children residing in the United States participated in an online study in which they completed the Children's Future Thinking Questionnaire (CFTQ) to assess their child's future-oriented cognition in five key domains. Also, parent-report measures of executive function, self-concept, episodic memory, expressive vocabulary, parent-child talk, child's temporal word use, and child's use of time metaphors were administered. Children as young as 2-years-old demonstrated future-oriented abilities. However, parents of 2-year-olds had substantial missing data (e.g., "does not apply"), especially in the planning and prospective memory subscales of the CFTQ. Three-year-olds were rated higher than 2-year-olds on the planning and prospective memory subscales, but there were no differences in ratings for 2- and 3-year-olds on the saving, episodic foresight, and delay of gratification subscales. Episodic memory and time metaphor use were significant independent predictors of future-oriented cognition and thus, both abilities may play a fundamental role in the emergence of future-oriented cognition in young children.