The present study examines the impact of family risk factors (e.g., migration background, poverty) in early childhood on children’s numeracy skills during preschool in Germany, and if these relations are mediated through the quality of the home learning environment. The data used for this research were collected using the longitudinal study BiKS-3-10 which followed 547 children from the first (average age: 3 years) to the third year (average age: 5 years) of preschool. The hypothesized mediation of quality of the home learning environment can only be interpreted using the home learning environment scale for cognitive promotion. In contrast, the quality of the home learning environment, specifically family support factors, is related neither to children’s development in numeracy nor to family risk. The results highlight the impact of early risk factors on children’s competencies and the mediating role of the quality of the home learning environment.