This paper focuses on the evaluation of the clinical component of preservice teacher preparation. In this paper, clinical experience in teacher preparation refers to the "application of academic knowledge to practice" in classrooms, schools, and communities where candidates learn to "contextualize" the curriculum, learning experiences, and other teaching practices for specific individuals and groups of students. The authors describe and provide examples of promising practices for several types of clinical experiences with different purposes and approaches including traditional student teaching, special purpose practicums, internships, and residencies. The discussion in this paper is organized into four sections. The first section addresses variations in clinical experiences related to the application of academic knowledge to practice in classrooms and other settings. The second section is focused on community-based clinical experiences addressing the preparation, recruitment, and retention of teachers for schools serving urban and underserved students. The third section describes statewide initiatives for teacher residencies that address teacher shortages in specific subject areas and schools facing staffing challenges. The final section presents a proposal for a research-based approach for evaluating the clinical component of teacher preparation focused on quality indicators with the highest value in developing teaching efficacy.