Learning by analogy is a powerful tool children’s developmental repertoire, as well as in educational contexts such as mathematics, where the key knowledge base involves building flexible schemas. However, noticing and learning from analogies develops over time and is cognitively resource intensive. I review studies that provide insight into the relationship between mechanisms driving children’s developing analogy skills, highlighting environmental inputs (parent talk and prior experiences priming attention to relations) and neuro-cognitive factors (Executive Functions and brain injury). I then note implications for mathematics learning, reviewing experimental findings that show analogy can improve learning, but also that both individual differences in EFs and environmental factors that reduce available EFs such as performance pressure can predict student learning.