This study investigated the relationship between reading comprehension (RC), trait anxiety, and preoccupation with reading disability (RD) in 88 school children in Grades 3 through 5 and in their mothers. Children’s trait anxiety had a significant direct negative relationship with RC and also mediated the association between preoccupation with RD and RC. Mothers’ preoccupation with their children’s RDs had a direct negative association with their children’s RC. This association was also mediated through children’s trait anxiety. No association was found between mothers’ trait anxiety and children’s RC. In a final model, RC was explained significantly by children’s word reading fluency and trait anxiety as well as by their mothers’ preoccupation with their children’s RDs. This study extends our understanding of multicomponential models of RC by shedding light on the significant role played by anxiety- and preoccupation-related factors involving both children with RDs and their mothers.