We investigated the association between individual differences in metaphor understanding and Theory of Mind (ToM) in typically developing children. We distinguished between two types of metaphors and created a Physical and Mental Metaphors task, echoing a similar distinction for ToM. Nine-year-olds scored lower than older age-groups in ToM as well as in the interpretation of mental, but not physical, metaphors. Moreover, nine-year-olds (but not older children) who are better in ToM are also better in interpreting mental, but not physical, metaphors. This suggests that the link between metaphor and ToM is stronger when metaphorical interpretation involves mental aspects, and it is more evident in early rather than later childhood.