This study explored the roles of fluid intelligence and emotional intelligence (EI) in predicting performance on the Iowa Gambling Task (IGT) in intellectually average and gifted children. One hundred and twenty-five average children and ninety-eight gifted children were tested with Cattell's Culture Fair Intelligence Test, the Trait Emotional Intelligence Questionnaire-Child Form and the IGT. It was currently found that intellectually gifted children demonstrated better IGT performance than their average peers, including superior decision making strategies, decision-making speeds and conceptual knowledge stages in the IGT. Fluid intelligence and emotional intelligence played different roles in predicting IGT performance in average and gifted children: average children's IGT performance was related to fluid intelligence and EI, whereas gifted children's IGT performance was associated only with fluid intelligence. IGT performance was more strongly associated with cognitive processes compared to emotional processes. The present study helps to explain how cognitive and emotional processes interact in intellectually average and gifted children's decision making.