The educational plight of Latino students in the U.S. is an increasing concern given the low achievement and attainment status of this population. Although many risk factors associated with underachievement are difficult to alter, parent educational involvement has been shown to positively impact learning outcomes. In this study, parental home- and school-based involvement practices and educational aspirations were compared in a large ( n = 6085), nationally representative sample of Latino ( n = 1,313) and non-Latino white (n = 4,772) first grade students. The role of these forms of involvement in predicting student achievement in third grade was then assessed. Findings indicate that Latino parents had higher educational aspirations for their children but were less involved at home and school than non-Latino white parents. Multiple hierarchical regression analysis showed that socioeconomic status and parental aspirations, respectively, were the most significant predictors of achievement among Latino and non-Latino white students, even when controlling for SES. While higher levels of school-based and lower levels of home-based educational involvement significantly predicted achievement among non-Latino white students, educational participation was not predictive of achievement among Latino students. Language status served as a meaningful barrier to Latino parent involvement. Findings suggest that educators should harness Latino parents' high aspirations for their children by making greater efforts to communicate and engage them in their native language. Future research should assess non-traditional forms of Latino parents' educational involvement and explore involvement practices that are culturally sensitive and meaningful to Latino parents.