Objective: (1) To estimate the prevalence of Overweight, Obesity and Underweight amongst preschool children in urban nursery schools from Pune (2) To compare the two growth references that can be used to assess the BMI status of preschool children and (3) To compare BMI for age / gender with Weight for age / gender to define Overweight and Obesity. Methods: It is an observational study with 334 preschool children of 4 years of age from urban nursery schools of Pune. They were examined during annual health check-up. Anthropometric measurements such as Body weight (Wt.), height (Ht.) were taken and Body Mass Index (BMI) was calculated. Child Growth standards released by the World Health Organization and CDC charts were used to define obesity, overweight and underweight. Cutoff values for nutritional status using ‘weight for age’ as criteria was defined as > 85th percentile being Overweight, > 97th percentile being obesity and < 3th percentile as underweight. Using BMI criteria Overweight was defined as > 85th percentile, obesity > 95th percentile and underweight as < 5th percentile. Results: The prevalence of overweight, obesity, and underweight was 2.1%, 1.2% and 29.77 % respectively using BMI for age /gender as criteria and WHO growth reference charts. Amongst two growth references used to assess BMI; Underweight was overestimated by CDC growth charts. Conclusion: The Prevalence of overweight and obesity among preschool children of Pune were lower than that of preschool children of developed countries and other parts of India. Under nutrition is still a problem for preschool children. BMI for the age and gender is a better indicator to pick up nutritional status of preschool children than weight for age.