Background Eczema is a common inflammatory skin disorder in the pediatric population. Although eczema is a significant public health issue with negative impacts on quality of life, studies looking at the prevalence and risk factors among preschool-aged children in Saudi Arabia are limited. Methods A descriptive, cross-sectional, online-based study was conducted among parents of preschool children in Hail City, Saudi Arabia, between July 2022 and September 2022. The self-administered, pre-tested questionnaire was distributed on social media networks for data gathering, which was subsequently analyzed using Statistical Package for the Social Sciences (SPSS, IBM Corp., Armonk, NY) software. Results Among 964 preschool children, 54.5% of the children have been diagnosed with eczema. A total of 152 (60.1%) male children had eczema compared to 231 (59.8%) female children, while 142 (43.7%) parents had children of both genders diagnosed with eczema (P = 0.001). Multivariate logistic regression showed that male gender (odds ratio [OR] = 1.41, 95% confidence interval = 1.16-1.71), smoking in the house (OR = 1.85, 95%CI = 1.37-2.50), presence of mold or dampness in the house while the mother was pregnant (OR = 1.95, 95%CI = 1.17-3.24), house renovation during the mother's pregnancy (OR = 1.54, 95%CI = 1.01-2.34), use of an air conditioner (OR = 1.57, 95%CI = 1.07-2.30), and dry skin (OR = 5.83, 95%CI = 4.27-7.96) were significant predictors for the development of eczema. Conclusion The high prevalence of eczema among preschool-aged children in Hail indicates the need for parents to take action at the household level and beyond to successfully lower the risk of eczema development in the region.