Language plays a critical role in theory of mind (ToM) development, particularly the understanding of false beliefs (FB). Further, there is some evidence that the development of FB is important for metalinguistic development, such as the understanding of homonyms and synonyms. However, there is debate regarding the nature of this relationship. This study explored the role of ToM, including FB, understanding and executive function in another aspect of metalinguistic development involving phonological awareness, specifically rhyming. Of interest was the relative role of ToM and executive function, particularly inhibitory control, in children's ability to identify rhymes. Two studies of 4-year-olds demonstrated that ToM understanding was primarily associated with rhyming ability, whereas inhibitory control was not independently related. Results are discussed in terms of children's ability to flexibly shift between different perspectives, by bracketing one perspective and focusing on the other, in both metalinguistic and ToM tasks. (Contains 6 tables.)