This paper examines the costs and benefits of early specialization in sport from a skill acquisition perspective. The focus is on whether early specialization in a single sport is the best way to facilitate the acquisition of skill in that sport. The paper is organized relative to the two major conceptual frameworks that have motivated much of the discussion about early specialization in sport: the theory of deliberate practice and the Developmental Model of Sport Participation. Our analysis reveals that while early specialization in sport is one way to reach elite status, it is not the only way. Considerable evidence shows that many elite athletes specialized in their sport late, following diversified experiences with other sports. These findings raise a number of exciting questions about the long-term development of skill in sport.