This study evaluated the effects of chronic exposure to aircraft noise on the cognitive functions of Korean elementary school students attending an elementary school around a military airfield and clarified the relationship between noise exposure and cognitive functions. Five schools with average weight equivalent continuous perceived noise levels (WECPNL) of ≥75 dB were selected from four regions in Korea. Each of these schools was matched with a non-exposed school. The Korean Intelligence Test Primary (KIT-P) was used to measure the scores of four subcategories and the intelligence quotient (IQ). The noise exposure groups were divided into high-exposure (WECPNL ≥ 80 dB) and medium-exposure (75 ≤ WECPNL < 80) groups. The period of exposure during the school year was collected. A linear mixed model, with matched pairs of schools, was used for statistical analysis. In the multivariable linear mixed model adjusted by possible confounders, the reasoning score was significantly lower in the high-exposure group of students than in the no-exposure group. Other scores and IQ were lower in the noise exposure groups, although these were not statistically significant. The duration of exposure did not show a significant relationship with cognitive functions. Chronic exposure to noise from military airfields may influence the cognitive functions, thereby reducing the learning performance of Korean children.