Purpose: Early fatherhood among young men transitioning from foster care has received scant research attention. The purpose of the present study was to: (a) examine the rates of fatherhood by age 21 in two distinct samples of youth transitioning from foster care in the United States; and (b) evaluate the impact of fatherhood on youths‘ educational and vocational attainment, and experiences of homelessness and incarceration, at age 21. Methods: We used data from two cohorts of the National Youth in Transition Database (NYTD), initiated in years 2011 and 2014. The final sample for each cohort consisted of young men who completed a baseline survey at age 17, and two follow up surveys at ages 19 and 21 (N = 2488 and N = 2793, respectively). Data from each NYTD cohort was merged with data from the Adoption and Foster Care Analysis and Reporting System (AFCARS) for years 2011 and 2014. Results: The cumulative rate of fatherhood by age 21 was 19.3% in the 2011 sample, and 16.5% in the 2014 sample. The rates of fatherhood were higher between ages 19–21, as compared to earlier ages. In multivariate analyses, fatherhood was linked to lower educational attainment and higher risk of homelessness and incarceration, but not to employment status. These findings were consistent across both NYTD samples. Conclusions: Fathers represent a sizable group of transitioning foster youth, who may exhibit detrimental outcomes in young adulthood. Appropriate services and supports are necessary to assist these vulnerable young men.