Recently, several studies have suggested that metacognition emerges early in infancy and toddlerhood. However, to date, the developmental trajectory of these early metacognitive monitoring and control processes and their influence on children's later memory functioning remains poorly understood. The aim of this study was to longitudinally document the development of metacognition between the ages of 2.5 and 4.5 years and to examine the link between these early metacognitive skills and later memory performance. To do so, 69 children initially aged 29-33 months old (N[subscript T0] = 69; 32 females; M[subscript age] = 32.3 months; SD = 1.6) were tested at three time points (12-month intervals) with a recognition memory paradigm designed to assess both metacognitive monitoring, through retrospective confidence judgment, and metacognitive control, through a cue selection task (i.e., children had the opportunity to ask for a cue to help them change their memory decision). In addition, at the last session, an episodic memory task (story recall) was also administered. Our results revealed an improvement in monitoring and control processes between 2.5 and 4.5 years with above-chance performance from around age 3.5. Mixed-effects modeling also indicated that metacognitive monitoring at ages 2.5 and 4.5, but not--unexpectedly--metacognitive control, was related to children's memory performance at age 4.5. Overall, our results provide evidence to enhance our understanding of the developmental course of metacognition from toddlerhood to early childhood and suggest that metacognitive processes are involved in memory performance much earlier than had previously been shown.