<p>Mathematical performance relies on multiple cognitive components, including numerical understanding, language comprehension, and working memory. Although children experiencing mathematical difficulties (MD) share common challenges, their underlying cognitive profiles vary considerably. Understanding this cognitive diversity is important for developing targeted assessment and intervention. This study aims to identify and characterize distinct cognitive profiles among elementary school children, based on their general strengths and weaknesses, and their mathematics-specific cognitive domains. We evaluated 186 children (grades 3–4), including those with MD (<i>n</i> = 110), and typically developing peers (<i>n</i> = 76) from seven schools in northern Israel. Assessments included domain-specific and domain-general abilities, as well as mathematical and reading performance. Using cluster analysis, we identified five distinct subgroups: Reading Accuracy Difficulties, Mild Mathematical Deficit, High Mathematical Performance, Inhibition Difficulties, and Average Mathematical Performance with reduced non-verbal reasoning. Interestingly, these subgroups were distinguished mainly by their differences in domain-general, rather than domain-specific abilities, thus highlighting the importance of these cognitive factors in Grades 3–4. These findings reflect the diverse nature of MD and its connection to general cognitive factors, which may assist in developing targeted interventions.</p>