There has been increasing interest in pretend play and children’s cognitive development. This study examines the efficacy of a guided pretend play intervention on the self-regulation, language, and pre-literacy skills of 4- to 5-year-olds. The sample consisted of 151 children who were randomized into two groups: (a) Guided pretend play; and (b) Art activities. A third typical curriculum group was also included in the study. The intervention included sixteen 30-minute sessions in groups of five children. Each session included: (1) storybook reading; (2) role-playing; and (3) review. During storybook reading explicit phonological awareness and vocabulary instruction were provided for target words. Role-playing involved giving children props to partake in guided pretend play. Review involved revising the phonological awareness and vocabulary of the target words. The findings show that children in the guided pretend play group had significantly greater improvement in their phonological awareness skills post-intervention compared to children who were exposed to typical curriculum.