Extraskeletal osteochondroma is an uncommon benign tumor that arises in soft tissues lacking continuity with an adjacent bone and joint. Due to similar histopathological findings, extraskeletal osteochondroma is often misdiagnosed for a conventional osteochondroma, the most common benign tumor that arises from the epiphyseal plates of long bones. The pathogenesis of extraskeletal osteochondroma is unclear, but metaplasia of synovial mesenchymal tissue is the best supported etiology. The most common sites of extraskeletal osteochondroma are the hands and feet, and it is rarely found in the maxillofacial area. We present a case of a two-year-old boy with a giant extraskeletal osteochondroma that developed in the masticatory space of the mandible along with a review of the relevant literature.