Metaphoric language is one of the most common expressions of creative cognition in everyday life. However, the cognitive mechanisms underlying metaphor generation remain largely unexplained. In this study, we aimed to investigate the relationship between various cognitive functions and both novel and conventional metaphor generation. Ninety-five undergraduate students were administered a metaphor generation task that assesses novel and conventional metaphor generation, along with a battery of different cognitive measures: vocabulary; divergent thinking (Tel Aviv Creativity Test), working memory (WM) via digit span tests, executive functions (EFs) using the Behavioral Rating Inventory of Executive Function (BRIEF) questionnaire, and selective attention (lateralized global-local digit task). Results of a path analysis indicated that – whereas only selective attention contributed to conventional metaphor generation – selective attention, divergent thinking, and EFs contributed to novel metaphor generation beyond vocabulary and WM. Thus, the results indicate that although both novel and conventional metaphor generation are linked to attentional resources and inhibitory control, the greater creativity inherent in novel metaphor generation appears to reflect a more complex set of cognitive processes than conventional metaphor generation.