Maternal depression is a risk factor for child internalizing and externalizing behaviors. Aiming to investigate the moderating role of child inhibitory control on this relationship, we invited a sub‐sample of dyads from the Norwegian Mother, Father, and Child Cohort study (MoBa) for a lab‐based assessment (N = 92, Mage = 68 months, Range = 59–80, 50% girls). Maternal depression was assessed using the Beck Depression Inventory (BDI‐II), while child behaviors were measured using the Child Behavior Check List, and inhibitory control using a child friendly version of the Flanker‐task. As expected, higher levels of concurrent maternal depressive symptoms predicted higher levels of child internalizing and externalizing behaviors. Importantly, and in line with our predictions, child inhibitory control moderated the association. Lower levels of inhibitory control predicted a stronger association between concurrent maternal depressive symptoms and child behavioral outcomes. The results support prior research suggesting that concurrent maternal depression poses a risk for child development, and highlight that children with lower levels of inhibitory control are more vulnerable to negative environmental influences. These findings contribute to our understanding of the complexity of parental mental health issues on child development and suggest avenues for personalized treatment programs for families and children at risk.