The aim of the present study, which involved preschool teachers, was to explore the area of working with musically gifted children. In particular, we focused on the identification of musically gifted children and monitoring of their musical development, preschool teachers’ competence for working with children, and evaluation of factors important for the development of musically gifted children. Research results showed that the majority of preschool teachers: were able to identify musically gifted children; rarely monitored and documented children’s musical development systematically and did not acquire enough knowledge for working with musically gifted children during their formal and informal education. Among the important factors influencing the development of musically gifted children, preschool teachers pointed out motivation to work with musically gifted children, identification of musically gifted children, cooperation with music experts and parents, and implementation of additional musical activities.