The relationship between letter and numeral identification is reviewed to determine whether early identification of these symbols impact upon both literacy and numeracy development. Numerals and letters share similar perceptual properties such as geometric features and arbitrary labels. Through early socio-cultural experiences with surrounding print, children learn to differentiate between these symbols and name them. This knowledge prepares them for the acquisition of conventional literacy and numeracy skills. Studies show that numeral and letter identification are correlated at an early age. Moreover, numeral identification predicts early literacy skills such as word reading. Also, some evidence shows a relationship between letter identification and numeracy skills. The implications of the relationships between letter and numeral identification and subsequent literacy and numeracy skills for research and education are discussed, although further research is warranted. Practical strategies for fostering both numeral and letter identification in young children are suggested.