Preston, also known as Preston Bend, is an unincorporated community and census-designated place located on the Red River in Grayson County, Texas, United States. It grew in the 19th century at the intersection of several military and trade roads and was an important crossing on the Shawnee cattle trail. Preston lost prominence after the MK&T railroad bypassed the town to the east, leading to a decline in traveler and cattle drive traffic. Much of its former town site is submerged beneath the waters of Lake Texoma. Its population was 2,096 as of the 2010 census.

Grayson County is a county in the U.S. state of Texas. As of the 2020 census, its population was 135,543. The county seat is Sherman. The county was founded in 1846 and is named after Peter Wagener Grayson, an attorney general of the Republic of Texas. Grayson County is included in the Sherman-Denison metropolitan statistical area, which is also included in the Dallas-Fort Worth-Arlington, combined statistical area. Located on the state's border with Oklahoma, it is part of the Texoma region, with proximity to Lake Texoma and the Red River.