This study examined the third‐grade outcomes of 11,902 low‐income Latino children who experienced public school pre‐K or child care via subsidies (center‐based care) at age 4 in Miami‐Dade County, Florida. Regression and propensity score analyses revealed that children who experienced public school pre‐K earned higher scores on standardized assessments of math and reading in third grade and had higher grade point averages than those who attended center‐based care 4 years earlier. The sustained associations between public school pre‐K (vs. center‐based care) and third‐grade outcomes were mediated by children's kindergarten entry preacademic and social–behavioral skills, and among English‐language learners, English proficiency. Implications for investing in early childhood programs to assist with the school readiness of young Latino children in poverty are discussed.