In the context of economic growth and recovering socio-economic conditions, many Latin American countries have implemented deep educational reforms since the beginning of the century. This paper aims to analyze whether these changes have promoted equality of educational opportunities in the region. Both the access and knowledge and skills dimensions are evaluated for six important countries, deepening the analysis for Argentina, Brazil and Colombia, in order to better understand the trends observed. Results point to reasonable progress in access, but reflect an unsatisfactory evolution of the level and distribution of knowledge and skills, as reflected by PISA test scores.