Children's theory of mind (ToM) is a crucial milestone in early childhood, with implications for prosocial behaviours and cognitive skills in later years. Therefore, it is important to characterise children's ToM and the factors influencing its development, such as socioeconomic status (SES) and parental interactive resources. However, most existing research has narrowly focused on only one aspect of ToM (false-belief understanding), which may provide a limited perspective. Consequently, this study aimed to adopt a more comprehensive approach to characterise early childhood ToM and its associated factors. Specifically, the study explored ToM in children aged 3-4 years within a Chilean sample, consisting of 120 mother-child dyads, using two measurement approaches (maternal and observational reports) in two dyadic contexts: storytelling and free-play. Additionally, it examined the indirect associations between family SES and ToM through educational stimulation at home and maternal mental state references (MSR) in both dyadic contexts. The results revealed small but significant correlations between the measurement approaches (maternal and observational reports) within the storytelling context. However, no significant correlations were found between the storytelling and free-play contexts. Moreover, family SES was found to be indirectly associated with ToM through educational stimulation at home and maternal MSRs during free-play, as assessed by maternal and observational reports, respectively. These findings underscore that children's understanding of minds is a complex, multifaceted construct that should be examined using diverse and comprehensive approaches and contexts.