Shared reading has the potential to promote a wide range of language skills that are important for reading acquisition. Dialogic reading interventions in preschool facilitate the acquisition of vocabulary and narrative production skills, but it is unclear (a) whether dialogic reading can also foster inferential and literal narrative comprehension and (b) whether intervention effects are maintained until the beginning of formal reading instruction. To close these two gaps, we designed and conducted a low-dose narrative dialogic reading intervention with wordless picture books. On the child care center level, 201 German preschoolers (M age = 5;5 years) were randomly assigned to the dialogic reading group, an alternative treatment group, or a no treatment group. Hierarchical linear models showed positive effects of dialogic reading on inferential and literal narrative comprehension and on vocabulary depth and breadth. The effect on inferential narrative comprehension was maintained five months after posttest. Overall, our findings indicate that even a small amount of narrative dialogic reading has small, albeit mostly short-term effects on narrative comprehension and vocabulary skills. We conclude that narrative dialogic reading is a promising approach for supporting the development of preschoolers’ inferential skills. Long-term intervention studies are needed for the evaluation of long-term effects.