Class size reduction has been viewed as one school mechanism that can improve student achievement. Nonetheless, the literature has reported mixed findings about class size effects. We used 4th- and 8th-grade data from TIMSS 2003 and 2007 to examine the association between class size and mathematics achievement in public schools in Cyprus. We employ instrumental variables methods, and take advantage of a regression discontinuity design to examine causal effects of class size on mathematics achievement. The results indicate a non-significant relationship between class size and mathematics achievement in 8th grades. However, there is evidence of positive class size effects in 4th grade. The gender gap is significant and favoured males in 4th grade and females in 8th grade. SES indexes such as parental education and items in the home are positively and significantly related to mathematics achievement. Teacher and school variables are not significantly related with mathematics achievement.