The aim of this study was to analyze the moderating effect of distress tolerance (DT) on the relationship between executive functions and academic performance (AP). Participants were 270 children aged 9–12 years. Executive functions (EFs)—working memory (WM), inhibition, and cognitive flexibility—and DT were evaluated using computerized tasks. Direct measures of reading comprehension and mathematical calculation, as well as school grades, were used to assess AP. Results showed that verbal WM and cognitive flexibility were positively associated with reading indicators, but to a greater extent among children with medium and low DT. A positive association was found between visuospatial WM, and a mathematical indicator, to a greater extent among children with medium and low DT. The EFs did not show explanatory capacity for AP in children with high DT. These results suggest that DT could function as a “compensatory” resource.