ERPs are a powerful tool for the study of reading, as they are both temporally precise and functionally specific. These are essential characteristics for studying a process that unfolds rapidly and consists of multiple, interactive subprocesses. In work with adults, clear, specific models exist linking components of the ERP with individual subprocesses of reading including orthographic decoding, phonological processing, and semantic access (e.g., Grainger & Holcomb, 2009). The relationships between ERP components and reading subprocesses are less clear in development; here, we address two questions regarding these relationships. First, we ask whether there are ERP markers that predict future reading behaviors across a longitudinal year. Second, we ask whether any relationships observed between ERP components and reading behavior across time map onto the better‐established relationships between ERPs and reading subprocesses in adults. To address these questions, we acquired ERPs from children engaging in a silent reading task and then, a year later, collected behavioral assessments of their reading ability. We find that ERPs collected in Year 1 do predict reading behaviors a year later. Further, we find that these relationships do conform, at least to some extent, to relationships between ERP components and reading subprocesses observed in adults, with, for example, N250 amplitude in Year 1 predicting phonological awareness in Year 2, and N400 amplitude in Year 1 predicting vocabulary in Year 2.