Research has shown that animation plays an important role in the development of children’s executive function (EF), and the development of EF components, inhibitory control, working memory, and cognitive flexibility, is asynchronous. Thus, this study explores the developmental trajectories and animation features (fantasy and pacing) that influence each EF component, by examining 218 children aged 4–7. Pretest information, mainly the childhood EF inventory, was provided by parents: child’s age, age of first exposure to animation, animation viewing time on weekdays and weekends, family income, and parents’ education. The children in each age group were randomly divided into four groups to watch animations comprised of different animation features. After watching, their EF were measured by a day-night task, backward digit-span task, and flexible item-selection task. The results showed that the children’s inhibitory control, working memory and cognitive flexibility levels all improved with age. Highly fantastical animations weakened children’s performance on each subsequent EF task. Pacing had no effect on any of the components of children’s EF. An interactive effect on inhibitory control was only found with fantasy in younger children; specifically, high-fantastical animations had a more pronounced short-lived weakening effect on inhibitory control in younger children (4–6 years) compared with low-fantastical animations. Future research should explore the long-term impact of content rather than the form of animation on younger children’s EF.