Objective: Identifying which preterm children (PT) are at increased risk for language and learning differences increases opportunities for participation in interventions that improve outcomes. Speed in spoken language comprehension at early stages of language development requires information processing skills that may form the foundation for later language and school-relevant skills. In children born full term (FT), speed of comprehending words in an eye-tracking task at 2 years predicted language and non-verbal cognition at 8 years. Here, we explore the extent to which speed of language comprehension at 1½ years predicts both verbal and non-verbal outcomes at 4½ years in children born PT. Method: Participants were children born PT (n =47; [less than or equal to] 32 weeks gestation). Children were tested in the "looking-while-listening" (LWL) task at 18 months, adjusted for prematurity, to generate a measure of speed of language comprehension. Parent report and direct assessments of language were also administered. Children were later retested on a test battery of school-relevant skills at 4½ years. Results: Speed of language comprehension at 18 months predicted significant unique variance (12-31%) in receptive vocabulary, global language abilities, and non-verbal intelligence (IQ) at 4½ years, controlling for socioeconomic status, gestational age, and medical complications of preterm birth. Speed of language comprehension remained uniquely predictive (5-12%) when also controlling for children's language skills at 18 months. Conclusion: Individual differences in speed of spoken language comprehension may serve as a marker for neuropsychological processes that are critical for the development of school-relevant linguistic skills and non-verbal IQ in children born preterm. [This paper was published in "Journal of Developmental & Behavioral Pediatrics" v39 n3 p246-253 2018.]