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This paper examines the role that students’ opportunity to learn (OTL) academic or formal mathematics and the context of their mathematics OTL has in an assessment of their mathematics literacy (ML) competency as defined and measured in PISA 2012. For US students, increasing exposure to formal mathematics in an applied context was not significantly related to their ML, contrary to what was found for students in most other countries. In every country, an increase in opportunities to learn formal mathematics was strongly and significantly related to all ML aspects measured in PISA 2012. This has importance implications for the US for implementing the Common Core State Standards for Mathematics and preparing every student to be both college and career ready.