This investigation examined orthographic and semantic processing during reading acquisition. Children in first to fourth grade were presented with a target word and two response alternatives, and were asked to identify the semantic match. Words were presented in four conditions: an exact match and unrelated foil (STONE-STONE-EARS), an exact match and an orthographic neighbour foil (STONE-STONE-STOVE), a ­synonym match and an unrelated foil (STONE-ROCK-EARS) and a synonym match and an orthographic neighbour foil (STONE-ROCK-STOVE). Accuracy and reaction time results suggest that orthographic and semantic processing follow a two-step ­acquisition pattern. First, the orthographic component of reading develops quickly; however, forming strong conceptual links from orthographic to semantic representations follows a protracted trajectory, which matures between the third and fourth grades. These results are consistent with research that suggests younger children rely on more concrete, perceptual systems and then transition to more flexible, abstract cognition.