Recent studies suggest that the effects of attending preschool vary by race. These findings are difficult to interpret because the likelihood of enrolling a child in preschool also differs across groups. This study used newly released, nationally representative data to examine whether the impact of preschool participation at age 4 varies across racial groups after accounting for selection differences (N = 7,400). Among a subsample of children living below a poverty threshold, no racial differences in preschool impact are detected. However, findings suggest that non-poor Black children benefit substantially more from preschool than their non-poor White or Hispanic peers. Implications of these findings are discussed toward understanding the potential of large-scale preschool interventions for narrowing racial achievement gaps.