The current study investigated whether and how each component of the working memory model was associated with kindergarten children’s arithmetic performance. A total of 103 Chinese kindergarten children were administered tests of the visuospatial sketchpad, the phonological loop, the central executive, and basic number processing (i.e., number line estimation, nonverbal numerosity estimation and numerical magnitude comparison). The results showed that among the three working memory components, the central executive accounted for a significant proportion of the variance in young children’s arithmetic performance. In terms of basic number processing, number line estimation and numerical magnitude comparison had significant influences on young children’s arithmetic performance. Furthermore, numerical magnitude comparison played a mediating role between the visuospatial sketchpad and early arithmetic skills. These findings highlight the importance of working memory and basic number processing in early arithmetic skills and reveal different pathways through which the three working memory components influence young children’s arithmetic performance.