This study examines the effect of a 12-week multicomponent exercise intervention on metacognition among preadolescents with obesity. Seventy-five preadolescents were randomly assigned to either a multicomponent exercise group or a reading control group. An exercise intervention consisting of a jumping rope was utilized to develop multifaceted fitness features, with each session lasting for 75 min and three sessions being conducted per week for 12 weeks. Results revealed significant interactions between group and time point for cardiovascular fitness, muscular endurance, flexibility, and power, as well as for Tower of London task measures, including total move score, total executive time, and total planning-solving time, with better postintervention performances achieved by the exercise group. Positive correlations between the physical fitness and metacognition measurements were also observed. These findings suggest that the multicomponent exercise benefits metacognition in obese preadolescents, with exercise-associated changes in multifaceted fitness features mediating the relationship between exercise and metacognition.