Executive functions (EFs), or cognitive control, are higher-order cognitive functions needed for adaptive goal-directed behaviours and are significantly impaired in majority of neuropsychiatric disorders. Different models and approaches are proposed for describing how EFs are functionally organized in the brain. One popular and recently proposed organizing principle of EFs is the distinction between hot (i.e., reward or affective-related) vs cold (i.e., purely cognitive) domains of EFs. The prefrontal cortex is traditionally linked to EFs, but on the other hand, anterior and posterior cingulate cortices are involved in EFs as well. In this review, we first define EFs, their domains, and the appropriate methods for studying them. Second, we discuss how hot and cold EFs are linked to different areas of the prefrontal cortex. Third, we discuss the association of hot vs cold EFs with the cingulate cortex with a specific focus on anterior and posterior compartments. Finally, we propose a functional model for hot and cold EF organization in the brain with a specific focus on the fronto-cingular network. We also discuss clinical implications of hot vs cold cognition in major neuropsychiatric disorders (depression, schizophrenia, anxiety disorders, substance use disorder, attention-deficit hyperactivity disorder, and autism) and attempt to characterize their profile according to the functional dominance of hot-cold cognition. Our model proposes that the lateral prefrontal cortex, along with the dorsal anterior cingulate cortex are more relevant for cold EFs and the medial-orbital prefrontal cortex along with the ventral anterior cingulate cortex, and posterior cingulate cortex are more closely involved in hot EFs. This functional distinction, however, is not absolute and depends on several factors including task features, context, and the extent to which the measured function relies on cognition and emotion or both.