The present study explored: (a) preschool children's awareness of their own talking and private speech (speech directed to the self); (b) differences in age, speech use, language ability, and mentalizing abilities between children with awareness and those without; and (c) children's beliefs and attitudes about private speech. Fifty-one children between the ages of 3 and 5 completed a selective attention task from which a sample of private speech was video-recorded for use during a subsequent experimenter-child interview. Children also completed a standardized language assessment and a battery of mentalizing tasks. Roughly half of the children (54%) showed awareness of talking during the task, and 52% of the children who talked during the task stated that their speech was self-directed. Children who were aware of their private speech were significantly older, had greater expressive language skills, used more private speech, and had higher deceptive-box scores than children who were not aware of their private speech. Participants believed that private speech was positive and helpful. Implications of this work for researchers and early childhood educators are discussed. (Contains 4 tables.)