Drinking in elementary school, despite its low base rate, has been shown to predict alcohol use in middle school (Wilson, Battistich, Syme, & Boyce, 2002), which in turn predicts alcohol abuse or dependence in young adults (Guo, Collins, Hill, & Hawkins, 2000). The authors report 1 of the 1st examinations of the relationship between personality and psychosocial learning risk factors and drinking behavior among elementary school students. Fifth-grade students completed measures of disinhibition, positive and negative alcohol expectancies, and drinking. MIMIC modeling, tests of mediation, and tests of moderation were completed to test these relations. It was found that disinhibition and positive alcohol expectancies were each related to drinking in 5th graders. Disinhibition moderated the relation between positive alcohol expectancies and drinking in some cases. Mediation was not supported.