This paper seeks to question what impact education vouchers have on the process of school choice. The context examined in the paper is the Pre-primary Education Voucher Scheme (‘Voucher Scheme’) introduced in 2007 in Hong Kong. Using a Straussian grounded theory method, data collected from 40 parent interviews are coded, analysed and developed into categories. The paper analytically situates the findings within a model, derived from the data, which is based on two properties: orientation and time. Orientation differentiates and emphasises the significance of choice factors in relation to the school versus the family, and time is related to focus on the present versus the future. The paper subsequently presents the data related to these properties and reflects on the intricate dynamic of parents’ school choice decisions under the Voucher Scheme.