Reading-specific and general color-shape cognitive flexibility were assessed in 68 first and second graders to examine: 1) the development of graphophonological-semantic cognitive flexibility (the ability to process concurrently phonological and semantic aspects of print) in comparison to color-shape cognitive flexibility, 2) the contribution of reading experience to graphophonological-semantic flexibility, and 3) the unique contribution of graphophonological-semantic flexibility to reading comprehension. Second graders scored significantly higher than first graders on both cognitive flexibility tasks; the general flexibility task was easier for all children than the graphophonological-semantic flexibility task; reading experience contributed uniquely to children's graphophonological-semantic flexibility; and graphophonological-semantic flexibility contributed significant, unique variance to children's reading comprehension, consistent with Cartwright's (2002) work with second- to fourth-grade students and adults (2007). (Contains 7 tables and 2 figures.)