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Large-scale assessments’ validity and reliability matters more than we think because accurate interpretations and sound judgments about students’ mathematical literacy depend on them. This study investigates the test dimensionality of PISA’s mathematics assessment to see the alignment between the cognitive framework for mathematical literacy and actual results (students’ responses to mathematics items) as one important type of evidence for validity. Our results show that the multidimensional structure of mathematical literacy is not reflected well-enough in the mathematics items. However, longitudinal consistency of the results across cycles provides evidence toward PISA’s reliability. These results have important implications for the way mathematical literacy is assessed from mathematics education and psychometric perspectives.