Research has shown that well-designed early education programs serving disadvantaged children in the year or so prior to kindergarten entry can generate benefits to government and the rest of society that outweigh the cost of the program services. As a result of this evidence and the conviction that children benefit from structured programs preparing them for school entry, enthusiasm for public-sector investment in preschool education has been growing among business leaders, policymakers, and the public. Within this context, there is growing interest in universal preschool education in California. In considering such a program, policymakers and the public focus on the potential benefits from a universal preschool program, as well as the estimated costs. This study aims to inform such deliberations by conducting an analysis of the economic benefits of investing in preschool education in California.