The purpose of this study was to analyze oral narrative discourse in Chilean preschool children using High Point Analysis and Narrative Assessment Profile in a cross-sectional study of monolingual Spanish speakers, and to establish the relationships between oral narrative discourse development and emergent literacy skills. Participants were 94 4- to 6-year-old low-income children. Both narrative analyses were consistent and reliable measures of oral narrative skills of Chilean children. Sequence of events, Informativeness, and Topic Maintenance are the most consistent categories of NAP. The Woodcock-Munoz language battery was also administered, and the sub-scales of the test that significantly positively correlated to NAP and HP were Picture Vocabulary and Understanding Directions. Woodcock-Munoz's sub-scales Letter-Word Identification, Spelling, and Passage Comprehension obtained lower correlations to NAP and HP, which might suggest that the abilities they measure (reading decoding, spelling ability, and reading comprehension, respectively) may not be closely related to oral narrative skills or that their relationship may appear later in life.