The aim of the present study is to explore the relative contribution of working memory capacity to second language reading comprehension of Korean college students in comparison with L1 reading comprehension ability, L2 vocabulary knowledge, and L2 grammatical knowledge. Further, it attempts to examine whether the role played by working memory span differs depending on the proficiency levels of L2 learners. The study was conducted with 78 L2 learners of English who were classified into two different groups―a low-proficiency and a high-proficiency group—according to their English proficiency levels. The results of a step-wise multiple regression analysis revealed that working memory capacity made a significant contribution to L2 reading comprehension of advanced users of English above and beyond other variables; working memory capacity alone explained around 37.9% of the variance in L2 reading comprehension. However, for the low-proficiency group, vocabulary knowledge explained a larger variance in L2 reading comprehension. The findings from the study suggest that as L2 learners become more competent users of English, working memory span emerges as a more direct predictor of L2 reading comprehension.