This study evaluated the similarities and differences in 50 preservice teachers' (PTs') literacy pedagogy learning outcomes when they engaged in video-based discussions that were both face-to-face (F2F) synchronous and online asynchronous. Across PTs' response sheets, 396 idea units were collected and coded to identify their reports of learning about literacy pedagogy and application of this learning to their subsequent literacy instruction. Multivariate, multilevel, cross-classification logit regressions were used to compare outcomes across formats. Findings include that PTs reported learning similar total numbers of ideas across both video-based discussion formats but reported applying significantly more ideas from learning in the F2F format. Across both formats, PTs reported learning the greatest number of ideas about literacy methods/ materials but learned significantly more methods/materials ideas in the online asynchronous format. PTs also reported applying more literacy methods/ materials than all other kinds of ideas learned. They reported applying ideas about students' processing the least. However, the differences across formats may not be practically significant. Thus, for a semester-long course, either F2F or asynchronous online formats could be used with similar learning and application outcomes for PTs.