For pediatric patients with acute lymphoblastic leukemia (ALL), relapse is an important cause of treatment failure after unrelated cord blood transplant (UCBT). Compared to other donor sources, relapse is similar or even reduced after UCBT despite less graft-versus-host disease (GvHD). We performed a retrospective analysis to identify risk factors associated with the 5-year cumulative incidence (CI) of relapse after UCBT. In this retrospective, registry-based study, we examined the outcomes of 640 children (<18 years) with ALL in first (n = 257, 40%) or second complete remission (CR; n = 383, 60%) who received myeloablative conditioning followed by a single-unit UCBT from 2000–2012. Most received anti-thymocyte globulin (88%) or total body irradiation (TBI; 69%) and cord blood grafts were primarily mismatched at 1 (50%) or 2+ (34%) HLA loci. Considering CR1 patients, the 5-year OS, leukemia-free survival (LFS), and relapse were 59%, 52%, and 23%, respectively. In multivariate analysis (MVA), acute GvHD (grade II–IV) and TBI protected against relapse. In CR2 patients, 5-year OS, LFS and the CI of relapse were 46%, 44%, and 28%, respectively. In MVA, longer duration from diagnosis to UCBT (≥30 months) and TBI were associated with decreased relapse risk. Importantly, receiving a fully HLA matched graft was a strong risk factor for increased relapse in MVA. An exploratory analysis of all 640 patients supported the important association between the presence of acute GvHD and less relapse, but also demonstrated an increased risk of NRM. In conclusion, the impact of GvHD as a GvL marker is evident in pediatric ALL after UCBT. Strategies that promote GvL while harnessing GvHD should be further investigated.