This study aimed to evaluate the importance of extracurricular activities for Peruvian elementary students and their effect on their academic performance. The statistical population included all fifth-grade elementary students in Arequipa, Peru, 420 of whom were selected through cluster sampling. Three questionnaires were used for data collection. According to the obtained results, extracurricular activities affected academic achievement, and creativity played a mediating role in this regard. It is also notable that among different extracurricular activities, art and organizational activities had significant effects on academic performance. Furthermore, among the components of creativity, innovation had a significant impact on students’ academic performance. The study concluded that extracurricular activities are important for Peruvian elementary students, as they can foster their creativity and boost their academic performance. The study also suggested some implications and recommendations for educators and policymakers.