The genetic effects on individual differences in reading development were examined using genome‐wide complex trait analysis (GCTA) in a twin sample. In unrelated individuals (one twin per pair, n = 2,942), the GCTA‐based heritability of reading fluency was ~20%–29% at ages 7 and 12. GCTA bivariate results showed that the phenotypic stability of reading fluency from 7 to 12 years (r = 0.69) is largely driven by genetic stability (genetic r = 0.69). Genetic effects on print exposure at age 12 were moderate (~26%) and correlated with those influencing reading fluency at 12 (genetic r = 0.89), indicative of a gene–environment correlation. These findings were largely consistent with quantitative genetic twin analyses that used both twins in each pair (n = 1,066–1,409).