This longitudinal study explored the importance of kindergarten measures of phonological awareness, working memory, and quantity-number competencies (QNC) for predicting mathematical school achievement in third graders (mean age 8 years 8 months). It was found that the impact of phonological awareness and visual-spatial working memory, assessed at 5 years of age, was mediated by early QNC, which predicted math achievement in third grade. Importantly, and confirming our isolated number words hypothesis, phonological awareness had no impact on higher numerical competencies (i.e., when number words needed to be linked with quantities [QNC Level II and above]) but predicted basic numerical competencies (i.e., when number words were isolated from quantities [QNC Level I]), explaining the moderate relationship between early literacy development and the development of mathematical competencies.