The authors investigated statistically significant predictors of word reading and spelling in young elementary students with dyslexia, with letter knowledge and phonological processing assessed as variables. In previous studies, the predictability of letter knowledge and phonological processing on Korean children’s word reading and spelling was inconsistent across the literature. Generally, the influence of phonological processing, which includes phonological awareness, rapid naming, and phonological memory, was inconsistent and depended on the participants’ age, achievement level, and measures administered. The influence of phonological processing appeared to diminish when letter knowledge was assessed first. In total, 71 elementary students from grades 1 to 3 participated in the current study, and the authors conducted multiple regression analyses to predict dyslexic students’ word reading and spelling abilities. Results showed that letter knowledge was a strong predictor of both word reading and spelling ability, and phonological processing skills made no unique contribution that enhanced mere letter knowledge. Letter knowledge explained 41% of children’s word reading and 35% of their spelling ability. In addition, spelling ability was found to be an additional predictor of word reading ability, as well as word reading ability predicting spelling ability. These results imply that the instruction of letter name and sound are critical for improving word reading and spelling in children with dyslexia. Moreover, word reading and spelling skills mutually improve each other. These instructional effects however, should be reinvestigated using intervention- based studies. The authors warn of drawing premature conclusions about the apparently insignificant influence of phonological processing on children’s word reading and spelling ability, and call for further intervention-based studies of phonological processing.