Numerous studies have supported the simple view of reading by showing the significant predictive roles of oral language comprehension ability and decoding skills in the reading comprehension of monolinguals and second language learners. However, little is known about its applicability to young foreign language learners who do not have much access to the target language and literacy input outside the school and especially those whose first and second languages are typologically different. This study was designed to examine the contribution of English oral language comprehension ability and decoding skills to the reading comprehension of fifth-grade Korean EFL learners. In doing so, the indirect effects of oral language ability and phonological awareness were also considered, and English reading fluency and Korean reading comprehension abilities were controlled for. The findings not only support the simple view of reading but also highlight the indirect effects of oral language comprehension ability and phonological awareness on reading comprehension abilities via the effects of decoding skills.