What is the nature of learning to read Chinese across grade levels? This study tested 199 kindergartners, 172 second graders, and 165 fifth graders on 12 different tasks purportedly tapping constructs representing phonological awareness, morphological awareness, orthographic processing, and subcharacter processing. Confirmatory factor analyses comparing alternative models of these 4 constituents of Chinese word reading revealed different patterns of metalinguistic underpinnings of children's word recognition across grade levels: The best-fitting model for kindergartners represented a print-nonprint dichotomy of constructs. In contrast, 2nd graders showed a fine-grained sensitivity to all 4 hypothesized constructs. Finally, the best-fitting model for 5th graders consisted of a phonological sensitivity construct and a broad lexical morphological-orthographic processing construct. Findings suggest that Hong Kong Chinese children progress from a basic understanding of print versus nonprint to a diversified sensitivity to varied word-reading skills, to a focus on meaning-based word recognition, to the relative exclusion of phonological sensitivity in more advanced readers. (Contains 5 tables and 3 figures.)