The WISC-V is a widely used scale in clinical and educational settings in Chile. Given that its use guides critical decision-making for children and adolescents, it is essential to have evidence of its psychometric properties, including validity based on internal structure. This study analyzed the factor structure of the WISC-V through an exploratory (EFA) and confirmatory (CFA) approach considering the age range of 853 children and adolescents between 6 and 16 years. We obtained evidence favoring the four-factor structure in the EFA, which is a clearer organization in the 15–16 age group. In the confirmatory stage, the best four- and five-factor models showed factor loadings greater than 0.4, except for one subtest in the processing speed domain in the 6–8 age group. The internal consistency ranged from acceptable to good estimates for the best two models. The results support the use of hierarchical factor structures of four and five factors, which offer specific advantages and disadvantages discussed in the article. The implications of these findings in both the professional area of psychology and future research are discussed.