How to arrange these 10 digits to make a correct equation?

This is not a particularly elegant answer, but I do think that it is possible to narrow down the number of possibilities to around 100, by hand, in a couple hours. Incorporating an extra step will narrow it down to just a few dozen which can be checked by multiplying out. The strategy is mostly algorithmic, but it also incorporates some observations which allow us to rule out a number of possibilities on the fly.

We write the equation in the following form, where each letter represents a digit: $$ abc \times de = fghij.$$

The first step is to look at all admissible digits for the triple $(c,e,j)$. It is not difficult to check that there are 14 such triples. The second step is to use these triples to determine admissible digits for the triple $(b,d,i)$. We find that there are about 10 triples which work for each $(c,e,j)$. Finally, we make several observations to quickly rule out a number of these possibilities. For example, it is impossible (except some special cases) to have $d=1$, since this generally results in a product under $12000$. It is similarly easy to rule out many cases where $d=2$ or $a=1$. In general, these observations can be summarized: in step 3 we check the largest digits $a$, $d$ and $f$ to rule out cases where the product $ad$ does not jive with the remaining options for $f$.

Here is an example. Consider the admissible triple $(c,e,j) = (7,6,2)$. In this case, the triple $(b,d,i)$ must satisfy the equation $6b+4+7d \equiv i$ (mod $10$). Checking through the remaining digits $1,1,3,3,4,5,6$ gives six possibilities for $(b,d,i)$: $(1,3,1)$, $(3,6,4)$, $(4,1,5)$, $(4,5,3)$, $(5,1,1)$, $(6,3,1)$. Based on the above observations, we can rule out $(4,1,5)$ and $(5,1,1)$, since $d=1$. For the triple $(1,3,1)$, we have now exhausted both $1$s and the $2$, meaning we must have $f \geq 3$, yet no choice of $a$ gives this $f$. Similar considerations of $a$ and $f$ can rule out the final three options.

In total, I did the above computation for $5$ of the $14$ admissible triples $(c,e,j)$, and for each of the $5$, I found between $6$ and $16$ admissible triples $(b,d,i)$ (I found $6$, $6$, $9$, $15$, and $16$ for the five triples I tried). Eleven of these $52$ can be ruled out by elementary considerations (e.g. $d \neq 1$) and many more by slightly extra computation (comparing possibilities for $a$ and $f$).

I do not claim that an $11$ year old could narrow down the possibilities so quickly, but it is possible to narrow it down to around 100 possible $6$-tuples $(c,e,j,b,d,i)$ in under a couple hours. If one adds the final step of checking suitable $a$ and $f$, I do believe that an eager mathematician could use this algorithm to find all solutions by hand.

You can reduce it to $6570$ possibilities, since you just need to choose the digits on the left side and that uniquely determines the right side.
This can be cut down more, maybe even to the point where you could do it, rather tediously, by hand, if you choose the lowest-order digits first and winnow out the cases where this implies impossible digits on the right.

Thus suppose you guess that the lowest-order digit of the first number is $2$. Then the only possibilities for the lowest-order digits of the second are $3$ ($2 \times 3 = 6$) and $7$ ($2 \times 7$ ends in $4$). If it's $3$, then removing a $2$, $3$ and $6$ leaves $1,1,3,4,5,6,7$ from which we choose the second-lowest digits on the left...