The purpose of this study is to estimate the impact of Race to the Top (RTTT) on test scores, both overall and in terms of narrowing demographic achievement gaps--a central focus in the original RTTT applications. We draw on student-level NAEP data in reading and mathematics for fourth and eighth graders from 1996 to 2019. An event-study difference-in-difference research design is used to estimate the impact RTTT had on NAEP scores. We show that RTTT had a consistently positive effect on test scores with average treatment effects ranging from 0.06 to 0.11 standard deviations, depending on grade and subject. Estimates are generally larger for Black students and, to a lesser degree, economically disadvantaged students.