Ready to Learn Act of 1992 - Title I: Health and Education Services for Preschool Children - Directs the Secretary of Health and Human Services (HHS), to establish programs of grants to selected States to: (1) improve health and education services for preschool children (maximum two-year grant); and (2) supplement Federal health and education programs for preschool children (maximum five-year grant). Sets forth various requirements for such grant programs, including establishment of local Ready-to-Learn Councils, State health and education services programs, and State Ready-to-Learn Challenge Programs. Authorizes appropriations.

Title II: Education Television Programming for Preschool Children - Directs the Board of Directors of the Corporation for Public Broadcasting (CPB) to establish a Preschool Children's Television Division (Division) within the CPB to: (1) make grants to develop educational television programming for preschool children and instructional programming for their parent and child care workers (as well as grants for training various local staff in, and providing other materials to enhance, effective use of such programming); and (2) contract with the Public Broadcasting Service (PBS) to distribute such programming to public broadcast stations. Authorizes appropriations for such Division and CPB contracts with PBS.

Directs CPB to contract with PBS to provide educational television programming for preschool children on at least one channel on the PBS satellite (which is to be known as the Ready to Learn channel).

Amends the Communications Act of 1934 to require each multichannel video system operator to carry, on such system, public television programming (including educational television programming for preschool children) on a per channel or per program basis which is equal to at least ten percent of all new channel or new programming capacity on such system.

Directs the Federal Communications Commission to require, as a condition for renewal of a television broadcast license for a commercial television broadcast station, such station to carry: (1) at least one hour per week of educational programming for preschool children; and (2) one minute of ready-to-learn public service announcements directed at preschool children or their parents during each hour of programming devoted primarily to children or families.