This study aimed to examine whether overall English proficiency influences the relative predictive power of reading fluency and listening comprehension abilities in explaining the reading comprehension of Korean EFL learners within the simple view of reading framework, when the age factor is controlled for. One hundred sixteen eleventh-grade Korean high school students consisting of two highly distinct groups in general English proficiency―55 Most Highly Capable Students (MHCS) and 61 Capable Students (CS)―were tested on measures of reading fluency, vocabulary knowledge, listening comprehension, and reading comprehension. The findings indicated that reading fluency and listening comprehension abilities were significantly related to the reading comprehension of both MHCS and CS groups. However, the results from a series of hierarchical regression analyses revealed that while listening comprehension was a stronger predictor of reading comprehension of the MHCS group, it was reading fluency that explained more variance in comprehension of the CS group. Implications for reading instructions are discussed.