Purpose: To explore whether parental perceptions of risk and attitudes toward risk-taking during play are associated with preschoolers' physical activity (PA) and physical literacy (PL). Methods: Nova Scotia preschoolers (35 boys, 17 girls; mean age = 3.8 years, range = 3-5 years) and parents (n=52 pairs) provided data. Linear regressions assessed associations of risk perceptions and attitudes with children's PA and PL, controlling for children's age (cross-sectional analysis; p<0.05). Results: Perceptions of risk were significantly associated with preschoolers' PA (r=0.24, p=0.05), and predicted 11.6% of the variance in PA. Findings revealed a significant positive relationship between attitudes toward risky play and PL (r=0.21, p=0.05), explaining 14.7% of the variance in PL. Conclusion: This evidence supports growing literature on the value of risky play to children's development and parents' influence in risk-taking behaviour.