We investigated the extent to which inhibition, updating, shifting, and mental-attentional capacity (M-capacity) contribute to children’s ability to solve multiplication word problems. A total of 155 children in Grades 3–6 (8- to 13-year-olds) completed a set of multiplication word problems at two levels of difficulty: one-step and multiple-step problems. They also received a reading comprehension test and a battery of inhibition, updating, shifting, and M-capacity measures. Structural equation modeling showed that updating mediated the relationship between multiplication performance (controlling for reading comprehension score) and latent attentional factors M-capacity and inhibition. Updating played a more important role in predicting performance on multiple-step problems than did age, whereas age and updating were equally important predictors on one-step problems. Shifting was not a significant predictor in either model. Implications of proposing executive function updating as a mediator between mathematical cognition and chronological age and attention resources are discussed.