The simple view of reading describes reading comprehension as the product of decoding and listening comprehension and the relative contribution of each to reading comprehension across development. We present a cross-sectional analysis of first, second, and third graders (N = 123–125 in each grade) to assess the adequacy of the basic model. Participants completed multiple measures to inform latent constructs of word reading accuracy, word reading fluency, listening comprehension, reading comprehension, and vocabulary. In line with previous research, structural equation models confirmed that the influence of decoding skill decreased with increasing grade and that the influence of listening comprehension increased. However, several additional findings indicate that reading development is not that simple and support an elaboration of the basic model: A strong influence of listening comprehension on reading comprehension was apparent by grade 2, decoding skill was best measured by word and nonword reading accuracy in the early grades and word reading fluency in grade 3, and vocabulary skills indirectly affected reading comprehension through both decoding skill and listening comprehension. This new elaborated model, which provides a more comprehensive view of critical influences on reading in the early grades, has diagnostic and instructional ramifications for improving reading pedagogy.