The relations between fathers' and mothers' home literacy involvement at 24 months and children's cognitive and social emotional development in preschool were examined using a large sample of African American and Caucasian families ("N" = 5190) from the Early Childhood Longitudinal Study-Birth Cohort (ECLS-B). Hierarchical regression analyses revealed that both fathers' and mothers' home literacy involvement positively contributed to children's cognitive and social emotional development. Specifically, fathers and mothers who participated in more frequent home literacy involvement (e.g., shared book reading) had children with better reading, math, and social emotional outcomes (i.e., sustained attention and fewer negative behaviors) in preschool. Findings suggest that increasing family literacy involvement can have positive benefits for children's cognitive and social emotional skills during the developmentally important early childhood years.