Obesity among children is a growing public health problem. It has been attributed to be the consequence of an imbalance between energy intake determined by food intake and energy expenditure through physical activity. Body mass index has been an established tool in assessing obesity in children and adults. Waist circumference and waist to hip ratios which are markers of central obesity have been shown to be indicators of cardio metabolic risk in adults. There is limited knowledge about the prevalence of overweight and obesity in children aged two to ten years using these methods other than body mass index. This study aimed to determine the prevalence and risk factors of overweight and obesity in two to ten year olds using waist circumference, waist to hip ratio and body mass index in Surulere Local Government Area of Lagos State. A questionnaire based multistage sampling technique was adopted in obtaining information on the sociodemographic and nutritional factors of three hundred and sixty-five apparently healthy children from nursery and primary schools. Weight, heights, waist circumference and hip circumference were taken while body mass index and waist to hip ratios were calculated. The prevalence of obesity using BMI, waist circumference and waist to hip ratio was 20.8%, 12.3% and 56.2% respectively while the prevalence of overweight using BMI was 10.4%. Waist circumference was more specific in detecting obesity than waist to hip ratio (95.9% and 46.4% respectively, p value 0.001). The positive and negative predictive values for waist circumference were higher. Sociodemographic factors associated with the prevalence of overweight and obesity included age, socioeconomic class, mode of transport to school and playtime during the weekdays. (P value <0.001). Following multivariate logistic regression, subjects from upper socioeconomic class had higher odds of becoming overweight/obese (OR-5, p value 0.018 and OR- 3.4, p value 0.011). Subjects who walked to school had OR- 0.344 and p value of 0.006. Eating habits played a significant role in the odds of being overweight or obese; Subjects who ate more flour based snacks or a combination of flour based snacks and fried foods had OR of 11.42 with p value of 0.022.