Mathematical modeling offers a promising approach to improving mathematics education. This study aims to determine if the concept of metacognitive awareness in the learning process is associated with mathematical modeling. This study also considers the interaction effect of sex and academic year level on both variables. Focusing the study on preservice elementary teachers might address potential issues and targeted intervention in their preparation program concerning their ability to teach and guide young learners in modeling activities. The research sample includes 140 preservice elementary teachers at Central Luzon State University, Philippines. Data collection used an adapted metacognitive awareness inventory and a validated researcher-made mathematical modeling competency test aligned with the K-12 mathematics curriculum in the Philippines. Results revealed that the preservice elementary teachers had a high metacognitive awareness and mathematical modeling competency, ranging from 22 to 31 out of 36 points. Besides, Factorial ANOVA indicates that academic year level positively affects both variables regardless of sex, and stepwise regression analysis unveiled that information management, declarative knowledge, and planning significantly predict 41.4% of the mathematical modeling competency variance. This suggests that developing metacognitive awareness supports preservice elementary teachers in performing modeling tasks that improve their competency level in mathematics.