Aim: This study aimed to establish reference values for assessing physical fitness (PF) and motor competence (MC) in children aged 6 to 11 years, determine the prevalence of physically gifted and talented children and to explore the association between PF and MC as indicators of talent. Methods: 1108 Spanish schoolchildren aged 6 to 11 years (mean age = 8.45 ± 1.70 years old; 51% boys) participated in this study. The PF tests included the 20 m SRT (CRF), 25 m sprint (speed), handgrip strength and SLJ tests (muscular strength), while MC was assessed using the SDT. To identify prevalence, two criteria from the Gagné model were used: physical talent (≥95th percentile in one or more tests) and physical giftedness (≥75th percentile in all tests). Results: Boys demonstrated better performance compared to girls across all age groups: speed (p < 0.001; Cohen's d = 0.977), handgrip strength (p < 0.001; Cohen's d = 0.383), SLJ (p < 0.001; Cohen's d = 0.992) and CRF (p < 0.001; Cohen's d = 1.299). In the SDT, differences were observed between age groups (p < 0.001) but not between sexes. Likewise, boys showed a higher prevalence of talent (19% vs. 15%; p < 0.001) and physical giftedness (10% vs. 5%; p < 0.001) compared to girls. Additionally, different associations were found between PF and MC (p < 0.001). Conclusions: Boys showed a higher prevalence of being categorized as talented or physically gifted than girls. Furthermore, differences in PF and MC are influenced by sex and age, with boys showing a better performance in PF.