The relevance and effectiveness of traditional, course- and clinical-experience-based models of teacher preparation have been called into question, and institutions of teacher education must respond to the changing landscape of educational policy, which increasingly emphasizes that candidates must be prepared for challenges faced in complex, increasingly diverse classroom and community contexts through extended field experiences (Rust, 2010). In this article, we present a case for the development of mutually beneficial community partnerships as the foundation of all early childhood teacher education. First, key policies and research findings are presented that point to partnership as a key theme that must be addressed by preparation programs; next, a framework for the development of mutually beneficial partnerships between preparation programs and schools/community agencies is introduced; interview and focus group data are presented from the development and implementation of a field-based undergraduate early childhood teacher preparation program. These include examples of strategies that assist in leveraging resources toward mutual benefit, as well as vignettes illustrating field-based teacher education in action. Finally, partnership practices that address the shared goals of early childhood educators and those who prepare them are presented.