This paper uses cointegration test and vector error correction model to study the impact of preschool education investment in Chongqing on GDP from two aspects: long-term equilibrium and short-term dynamics. The results show that although the two series are non-stationary from 1997 to 2019, there is a long-term stable equilibrium relationship, as well as a twoway causal relationship, between them. The long-term elasticity of Chongqing’s preschool education investment to the city’s GDP is 0.515, and the short-term elasticity is −0.035. The impulse response function explains the dynamic impact of a shock on Chongqing’s preschool education investment, as well as on the long-term and short-term relationship between the two.