This study examined time-based prospective memory performance in relation to individual and developmental differences in executive functioning. School-age children and young adults completed six experimental tasks that tapped three basic components of executive functioning: inhibition, updating, and mental shifting. Monitoring performance was examined in a time-based prospective memory task in which participants indicated the passing of time every 5 min while watching a movie. Separate analyses of the executive functioning data yielded a two-factor solution for both age groups, with the updating and inhibition tasks constituting a common factor and the shifting tasks constituting a separate factor. Both children and adults showed accelerating monitoring functions with low rates of clock checking during the early phase of each 5-min interval. However, compared with adults, children needed more clock checks for obtaining the same level of response accuracy. Executive functioning had selective effects on time-based prospective memory performance. In both children and adults, monitoring performance was related to the inhibition and updating components, but not to the shifting component, of executive functioning. We conclude that difficulties in temporary maintenance and updating of working memory contents may create discontinuities in sense of time, leading to an increased reliance on external cues for time keeping.