Background: Inhibitory control (IC), an important component of executive function, plays an important role in the overall development of children and has not been better studied in the field of equine-assisted activity (EAA). Therefore, this study investigated the effects of EAA on IC and the underlying brain neural mechanisms in children aged 7–8 years. Methods: Forty-eight healthy children aged 7–8 years from the Maple Leaf International School-Xi’an were randomly allocated to the equine-assisted activities group (EAAG) and control group (CG). The EAAG received 12 weeks of EAAG training from instructors at the MingLiu Horse Club while the CG continued their normal daily activities. The Flanker task was administered to both groups to assess IC pre- and post-intervention. Functional near-infrared spectroscopy (fNIRS) data were collected during the Flanker task to examine the underlying neural mechanisms. Results: Our findings indicate that after 12 weeks of EAA, the EAAG performed significantly better on the Flanker tasks than the CG, with congruent and incongruent higher accuracy and faster reaction (p 0.01). Importantly, fNIRS data analysis revealed increased oxyhemoglobin levels in the right dorsolateral prefrontal cortex (R-DLPFC) (p 0.05) of the EAAG during the Flanker congruent task after the EAA intervention. Conclusions: Collectively, EAA demonstrated a positive impact on IC and could effectively activate R-DLPFC in children aged 7–8 years. Furthermore, it enhanced the activation of the brain regions related to IC and increased cognitive ability in children aged 7–8 years.