Background Most research on preoperative anxiety has focused on non‐Latino populations. A study performed in the USA found that children from Spanish‐speaking Latino families experienced higher anxiety than children from English‐speaking families. Aims To report the incidence and level of preoperative anxiety in native Spanish‐speaking children living in their home country and to assess risk factors associated with higher anxiety levels. Methods Data were collected from 204 children aged 2‐12 undergoing elective surgery in a Chilean hospital. Patients' demographic data, surgery‐related information, and self‐reported parental anxiety were collected. Children's anxiety was measured using the Modified Yale Preoperative Anxiety Scale. An anxiety score greater than 30 indicated significant anxiety. The main outcome for analyzing risk factors was children's anxiety level in the operating room. Results Significant preoperative anxiety was observed in 41.7% (95% CI: 34.8%–48.8%) of patients, with median anxiety score of 26.6 (IQR, 23.4‐46.6). A significant positive correlation was observed between self‐reported parental anxiety in the preoperative holding room and children's anxiety in the operating room (r = .153, P = .02), with a higher median difference when mothers are present in anesthesia induction (36.8 vs 30.7, respectively; P = .006). Linear regression analysis found previous negative surgical experience to be associated with higher anxiety levels in the operating room (β = 16.057, P = .014). Conclusions Spanish‐speaking children undergoing elective surgery in their home country experienced significant rates of preoperative anxiety. Parental anxiety and previous negative surgical experience were risk factors associated with higher anxiety levels.