Objective Cerebral small vessel disease (SVD) is associated with motor impairments and parkinsonian signs cross‐sectionally, however, there are little longitudinal data on whether SVD increases risk of incident parkinsonism itself. We investigated the relation between baseline SVD severity as well as SVD progression, and incident parkinsonism over a follow‐up of 14 years. Methods This study included 503 participants with SVD, and without parkinsonism at baseline, from the RUN DMC prospective cohort study. Baseline inclusion was performed in 2006 and follow‐up took place in 2011, 2015, and 2020, including magnetic resonance imaging (MRI) and motor assessments. Parkinsonism was diagnosed according to the UK Brain Bank criteria, and stratified into vascular parkinsonism (VaP) and idiopathic Parkinson's disease (IPD). Linear mixed‐effect models were constructed to estimate individual rate changes of MRI‐characteristics. Results Follow‐up for incident parkinsonism was near‐complete (99%). In total, 51 (10.2%) participants developed parkinsonism (33 VaP, 17 IPD, and 1 progressive supranuclear palsy). Patients with incident VaP had higher SVD burden compared with patients with IPD. Higher baseline white matter hyperintensities (hazard ratio HR = 1.46 per 1‐SD increase, 95% confidence interval CI = 1.21–1.78), peak width of skeletonized mean diffusivity (HR = 1.66 per 1‐SD increase, 95% CI = 1.34–2.05), and presence of lacunes (HR = 1.84, 95% CI = 0.99–3.42) were associated with increased risk of all‐cause parkinsonism. Incident lacunes were associated with incident VaP (HR = 4.64, 95% CI = 1.32–16.32). Interpretation Both baseline SVD severity and SVD progression are independently associated with long‐term parkinsonism. Our findings indicate a causal role of SVD in parkinsonism. Future studies are needed to examine the underlying pathophysiology of this relation. ANN NEUROL 2023;93:1130–1141