Preschoolers born preterm are at an increased risk for adverse neurodevelopmental outcomes; however, the impact of preterm birth on speech development has not been fully investigated. The primary objective of this study was to document the conversational speech production abilities of preschoolers born preterm via speech sample analysis. A secondary objective was to investigate the association between speech and language skills in this population. The speech production abilities of children born preterm (n = 29) and full term (n = 22) were assessed using whole-word measures of phonological complexity and accuracy. No significant differences were found between the preterm and full-term groups on any of the speech variables. One of the speech variables, pMLU, was significantly correlated with several variables assessing language skills in the preterm group. Comprehensive communication evaluations, which may include the use of speech sample analysis, remain an important component of the follow-up care of children born preterm.