The current study investigates the specific role of three executive functions in the explanation of performance variability on laboratory and naturalistic time-based prospective memory tasks in aging. Ninety people aged 18 to 80 years performed three executive tasks assessing inhibition, flexibility and updating, one laboratory time-based task and one naturalistic time-based task. The results indicate that age has a negative impact on the laboratory time-based task and a positive impact on the naturalistic task. The mediation analysis shows that inhibition and flexibility operate as a mediator in the negative relationship between age and the laboratory time-based task. Additionally, the hierarchical regression analyses show that, after controlling for age, none of the executive functions evaluated is predictive of performance of the naturalistic time-based task. Overall, these results seem to suggest that different cognitive processes underlie the performance on naturalistic and on laboratory time-based tasks. Future studies should confirm these results.