Double-unit cord blood (DCB) grafts are a rapidly available stem cell source for adults with high-risk leukemias. However, how disease-free survival (DFS) after DCB transplantation (DCBT) compares to that of unrelated donor transplantation (URDT) is not fully established. We analyzed 166 allograft recipients (66 8/8 HLA-matched URDT, 45 7/8 HLA-matched URDT, 55 DCBT) aged 16–60 years with high-risk acute leukemia or chronic myelogenous leukemia (CML). URDT and DCBT recipients were similar except DCBT recipients were more likely to have lower weight, non-European ancestry, and receive intermediate intensity conditioning. All URDT recipients received a CD34+ cell selected (T-cell depleted) graft. Overall, differences between the 3-year transplant-related mortality were not significant (8/8 URDT 18%, 7/8 URDT 39%, DCBT 24%, p = 0.108) whereas the 3-year relapse risk was decreased after DCBT (8/8 URDT 23%, 7/8 URDT 20%, DCBT 9%, p = 0.037). Three-year DFS was 57% in 8/8 URDT, 41% in 7/8 URDT, and 68% in DCBT recipients (p = 0.068), and the 3-year DFS in DCBT recipients was higher than that of 7/8 URDT recipients (p = 0.021). In multivariate analysis in acute leukemia patients, factors adversely associated with DFS were female gender (HR 1.68, p = 0.031), diagnosis of acute lymphoblastic leukemia (HR 2.09, p = 0.004), and 7/8 T-cell depleted URDT (HR 1.91, p = 0.037). High DFS can be achieved in adults with acute leukemia and CML with low relapse rates after DCBT. Our findings support performing DCBT in adults in preference to HLA-mismatched T-cell depleted URDT and suggest DCBT is a readily available alternative to T-cell depleted 8/8 URDT especially in patients requiring urgent transplantation.