This paper provides a framework that identifies the understandings and skills preservice teachers need to teach in racially and ethnically diverse K-12 schools. This framework was developed from a literature review from which five key themes emerged: Awareness, Knowledge, Attitudes, Collaboration, and Experiences. Each aspect of the framework is detailed with "I Understand" and "I Can" statements for preservice teachers. Examples of key understandings include: the harm in purporting a colorblind ideology, the need to develop affirming views of all students, and the recognition of the school community as a source of strength. Examples of key skills include: the ability to participate respectfully and receptively in conversations surrounding race/ethnicity, the ability to create instructional experiences that emphasize critical thinking over summative assessment, and the ability to cultivate caring and inclusive classrooms. Ideas for activities consistent with the framework are incorporated.