The role of phonological short-term memory (PSTM), attentional resource capacity/allocation, and processing speed on children's spoken narrative comprehension was investigated. Sixty-seven children (6-11 years) completed a digit span task (PSTM), concurrent verbal processing and storage (CPS) task (resource capacity/allocation), auditory-visual reaction time (AV[subscript RT]) task (processing speed), and the Test of Narrative Language. Correlation and regression analyses examined the association between the memory variables and comprehension. The main findings were (a) CPS and AV[subscript RT] correlated with comprehension and (b) after accounting for age, CPS accounted for a significant 7.9% of unique variance and AV[subscript RT] accounted for another significant 5.2%. The results indicate that resource capacity/allocation and processing speed are important to children's ability to understand spoken narrative.