There is an increasing research interest in indoor air quality at schools as children who are among the most sensitive to air pollution spend a lot of time indoors. This study aims to estimate BTEX levels, sources, and assess their health risk at ten preschools in Hanoi, Vietnam. Two sampling campaigns were conducted in November and December, 2017, and May and June, 2018, with a total of 80 samples collected. BTEX were sampled by mini air samplers, and the analysis was performed by using GC/MS. During class, indoor concentrations of benzene, toluene, ethylbenzene, and xylene were within the range of 1.22–6.01, 1.6–63.4, 0.94–6.34, and 0.86–3.52 μg m−3, while corresponding values obtained in the absence of children were 1.62–6.90, 1.20–125.3, 0.58–25.1, and 0.60–6.65 μg m−3, respectively. Indoor/outdoor ratios of BTEX varied from school to school, and ranged from 0.4 to 14.2, implying the presence of indoor emission sources. Insignificant indoor sources of benzene were found in all examined schools, whereas there were sources of toluene, ethylbenzene, and xylenes, probably associated with paint’s solvents, glues, and cleaning agents. Outdoor BTEX originated from the common sources, being mainly composed of automobile traffic. There was insignificant cancer and non-carcinogenic risk to children at the monitored preschools, with LCR values within the range of 0.059–6.6 × 10−5, and HQ values below 0.31. Monte Carlo simulation revealed that indoor and outdoor concentrations of BTEX influenced the most the results on lifetime cancer risk for indoors and outdoors, with a typical contribution of more than 90% to LCR variance.