The present study investigated time-based prospective memory (PM) during the transition from kindergarten/preschool to school age and applied mediation models to test the impact of executive functions (working memory, inhibitory control) and time monitoring on time-based PM development. Twenty-five preschool (age: M = 5.75, SD = 0.28) and 22 primary school children (age: M = 7.83, SD = 0.39) participated. To examine time-based PM, children had to play a computer-based driving game requiring them to drive a car on a road without hitting others cars (ongoing task) and to refill the car regularly according to a fuel gauge, which serves as clock equivalent (PM task). The level of gas that was still left in the fuel gauge was not displayed on the screen and children had to monitor it via a button press (time monitoring). Results revealed a developmental increase in time-based PM performance from preschool to school age. Applying the mediation models, only working memory was revealed to influence PM development. Neither inhibitory control alone nor the mediation paths leading from both executive functions to time monitoring could explain the link between age and time-based PM. Thus, results of the present study suggest that working memory may be one key cognitive process driving the developmental growth of time-based PM during the transition from preschool to school age.