This study examined whether parental corporal punishment (CP) was associated with children's externalizing and prosocial behaviors 2 years later. The potential moderating effects of child temperament, maternal depression, and parenting skills were explored. Also, exploratory analyses of these associations were conducted according to the children's gender. Data from the Quebec Longitudinal Study of Child Development (n = 1,686 children) were analyzed using ordinary least‐squares regression models. CP at 41 months was associated with boys' and girls' physical aggression and conduct problems at age five. Positive parenting skills moderated boys' conduct problems in the absence of CP. Parenting skills and maternal depressive symptoms moderated girls' prosocial behaviors in the absence of CP. Early experiences of CP are associated with negative developmental outcomes 2 years later. The implementation of parenting programs targeting a reduction in CP is recommended. Highlights Research question: Does spanking or hitting a child when he misbehaves influence children's externalizing and prosocial behaviors? Data from the Quebec Longitudinal Study of Child Development were analyzed. Early spanking or hitting was associated with boys' and girls' physical aggression and conduct problems at age 5. Early experiences of spanking and hitting are associated with negative developmental outcomes. The implementation of parenting programs targeting a reduction in these parenting practices is recommended.