The purpose of this project was to examine the nature of performance, and specifically, age-related performance, on the Raven's Advanced Progressive Matrices (APM) Test (Raven, Court, & Raven, 1983). In the 1st of 2 studies, 2 tests presumed to measure each of 4 hypothesized components of the APM and 3 tests presumed to measure processing speed were presented to 165 young adults. On the basis of correlational and confirmatory analyses, 1 of the components was not included in Study 2. The 2nd study was designed to examine the influence of the 3 remaining components, processing speed, and working memory on the individual and age-related differences on the APM. Participants included 183 adults between the ages of 21 and 83. The results suggest that although all 3 components are important to performance on the APM, rule application tasks seem to hold the most promise in accounting for age-related variance on the APM.