This study examined the underlying constructs measured by the Woodcock-Johnson Tests of Cognitive Abilities, Third Edition (WJ-III COG) and the Stanford-Binet Intelligence Scales, Fifth Edition (SB5), based on the Cattell-Horn-Carrol (CHC) theory of cognitive abilities. This study reports the results of the first joint confirmatory factor analysis of the WJ-III COG and SB5 with an independently collected preschool-aged sample. The WJ-III COG and SB5 were administered to 200 preschool-aged children of 4 to 5 with no known disorders or disabilities. Confirmatory factor analyses using maximum likelihood estimation were conducted to evaluate three models of increasing complexity and two alternative models to determine which model best describe the underlying constructs measured by the WJ-III COG and the SB5. Though none of the models displayed a good fit to the data, results showed that the underlying construct of the two tests was best represented by a Three-Stratum alternative CHC model in which the Gf factor and subtests were omitted. Exploratory factor analysis was conducted to provide further insights into the actual latent structure underlying the data. Implications of findings to guide school-based practitioners in using cross-battery assessment with preschool children were addressed.