Fluency in first graders’ processing of the magnitudes associated with Arabic numerals, collections of objects, and mixtures of objects and numerals predicts current and future mathematics achievement. The quantitative competencies that support the development of fluent processing of magnitude are not fully understood, however. At the beginning and end of preschool (M = 3 years, 9 months at first assessment; range 3 years, 3 months to 4years, 3 months), 112 (51 boys) children completed tasks measuring numeral recognition and comparison, acuity of the approximate number system, and knowledge of counting principles, cardinality, and implicit arithmetic, and completed a magnitude processing task (number sets test) in kindergarten. Use of Bayesian and linear regression techniques revealed that two measures of preschoolers’ cardinal knowledge and their competence at implicit arithmetic predicted later fluency of magnitude processing, controlling domain general factors, preliteracy skills, and parental education. The results help to narrow the search for the early foundation of children’s emerging competence with symbolic mathematics and provide direction for early interventions.