To examine whether aging affects metacognitive control, elderly and young adults carried out a readiness-recall task, in which subjects monitor their own learning procedure, allowing strategy manipulation (study time and rehearsal) to be measured. Age differences were observed in metamemory control performance. Younger adults were found to be better at adjusting study time and rehearsal to the task. Moreover, to determine whether age-related differences in strategy manipulation may mediate age-related differences in memory performance, performance on the readiness-recall task was compared to performance on an experimenter-paced task. Results indicated that younger adults recalled significantly more words in the readiness-recall task than in the experimenter test. This was not the case for older adults. Furthermore, a hierarchical regression analysis revealed that age-related differences in strategy manipulation mediate some age-related differences in memory performance. Our aim was also to determine whether metacognitive control is related to executive functions. Thus, all participants were administered standard neuropsychological tests used to assess executive functioning. Significant partial correlation appeared between metamemory control and executive functioning. Finally, a hierarchical regression analysis indicated that age-related decline in metamemory control may be largely the result of executive limitations associated with aging.