This study investigated the relative predictive power of vocabulary depth and reading fluency on the reading comprehension of advanced Korean EFL learners in college. By doing so, the scope of paradigmatic relations, as part of vocabulary depth, was extended to encompass associative vocabulary as well as synonyms and antonyms, and reading fluency at the discourse level was considered. For this study, 139 college students were tested on a range of vocabulary depth tests, as well as reading comprehension and text-level reading fluency. The findings revealed that although both vocabulary depth and reading fluency are significant contributors to reading comprehension abilities, the predictability of vocabulary depth was larger than that of reading fluency. In addition, associative vocabulary not only revealed additional predictive power for reading comprehension on top of reading fluency, synonyms and antonyms, but also showed stronger predictability compared to synonyms and antonyms. These results highlight that both vocabulary depth, especially the knowledge of how words are related together, and text-level reading fluency play a crucial role in boosting the reading comprehension abilities of even advanced L2 readers.