Mathematical ability is a crucial component of human cognitive function, which is defined as the ability to acquire, process, and store mathematical information. While many studies have documented a close relationship between elementary school children's inhibitory control and their mathematical ability, existing empirical evidence remains controversial with some other studies showing a null correlation between these two constructs. This preregistered three-level meta-analysis aims to further elucidate the relationship between inhibitory control and mathematical ability in elementary school children by differentiating various types of inhibitory control, domains of mathematical ability, and exploring various potential moderators. This meta-analysis synthesized 241 effect sizes extracted from 86 samples, involving data from a total of 14,223 primary school children with a mean age of 8.67 years. The results showed a moderate positive correlation between inhibitory control and mathematical ability (r = 0.19). Mathematical ability was more strongly correlated with interference inhibition (r = 0.21) than response inhibition (r = 0.14). The relation between inhibitory control and mathematical ability was not moderated by domains of mathematical ability, inhibitory control task, age, gender, developmental status, socioeconomic status, and sample region. These findings provide novel insights into the cognitive underpinnings of mathematical ability in elementary school children. Practical implications are discussed.