Romney, who speaks directly to the camera in the one-minute spot, aims to convince viewers that President Obama has failed the Hispanic community.
“I believe in the promise of America: that with hard work anything is possible regardless of where we come from. But in the last four years, we've seen that promise fade away. Hispanics are hurting, with so many unemployed, and those who are working are having to do more with less," Romney says in the ad.
The ad, titled "Juntos," was released on the second day of the Republican National Convention.
"Can we endure four more years of this poor economy? You deserve better. For the sake of our children and grandchildren, we must do better. I know how to revive the American Dream. I will not let you down. I will work tirelessly to create more good paying jobs; to reform the education system; and to lower taxes. Juntos [Together] we can revive the American Dream," says Romney.
Romney and Republicans have been trying to win over Hispanic votes with television ads and convention appearances.
Rep. Francisco "Quico" Canseco (R-Texas) reached out to voters on Tuesday during his speech on the convention floor in Tampa, Fla., speaking in Spanish and repeating his comments in English.
"Lower taxes, less government means more opportunity and better job creation for a brighter future for generations to come. We can do better with Mitt Romney as our president," Canseco said.
The Texas lawmaker told the audience about his first-generation immigrant parents and his district along the U.S.-Mexico border. He also slammed the president for "burdening us with destructive debt, punishing taxes, and robbing us of that opportunity to succeed."
A co-chairman of Romney’s national Hispanic leadership team and former Puerto Rico attorney general Jose Fuentes told The Hill that Republicans hope to win 38 percent of the Hispanic vote on Election Day.
“There are Hispanic-specific events every day at the convention,” said Fuentes, a co-chairman of Romney’s national Hispanic leadership team and former Puerto Rico attorney general. “I don’t think you’ve ever in the past seen a Republican convention where so many prime-time speakers are Hispanics.”
However, Obama has a strong lead among the voting block. He led Romney by 63 to 28 percent with Hispanic voters in an NBC News/Wall Street Journal/Telemundo poll released last week.
—Cameron Joseph contributed.