In this rapidly changing world, universities have an increased responsibility to prepare professionals for a sustainable future, and teacher education is not an exception to this. In this study, we observed a group of preservice teachers engaging in a statistical investigation project. Specifically, we examined their degree of statistical knowledge; how effective the project was in enhancing their statistical knowledge and thinking; and how they participated in the project to make and share data-driven decisions. To this end, both qualitative and quantitative investigations were used. With the help of pre- and posttests, we found that the degree of knowledge differed between self-perceived and measured knowledge. Moreover, the results demonstrated the project’s effectiveness in enhancing the participating teachers’ statistical knowledge and thinking, specifically estimating the population mean and its interpretation. In making and sharing their decisions, the participating teachers applied multiple key competencies, crucial for promoting sustainability. Thus, the statistical investigation project was effective for enhancing preservice teachers’ statistical knowledge, thinking skills, and ability to promote sustainability.