The purpose of this study was to investigate the relationship between early childhood/elementary pre-service teachers' sense of teaching efficacy and feelings of preparedness and actual performance during student teaching. Findings indicate that both perceptions of preparedness and sense of teaching efficacy increased significantly during student teaching. Pre-service teachers' performance in the classroom was positively correlated with their feelings of preparedness to teach but not with their teaching efficacy. Results of a multiple regression (F(2,46) = 54.66, p = 0.038) indicate that there was a moderate but significant predictive relationship between Efficacy and Preparedness in combination, explaining 13% of the variance of performance during student teaching. Responses to open-ended questions indicated the most important part of pre-service teachers' preparation included the observing and participating in classrooms; the opportunity to learn from more than one experienced teacher; and feedback from their cooperating teachers and university supervisor.