This study examined the relationship between parental involvement, self-regulated learning (SRL), and reading achievement through analyzing the fifth grade data from the Early Childhood Longitudinal Study, Kindergarten Class of 1998-1999 (ECLS-K). The results identified six dimensions of parental involvement that are likely to foster SRL of fifth graders: "School Involvement", "TV Rules", "Homework Help", "Homework Frequency", "Parental Education Expectations", and "Extracurricular Activities". Of these three dimensions, "Parental Education Expectations", "School Involvement", and "Homework Help", were found to have stronger effects on SRL; Parental Education Expectations was found to have the strongest beneficial effect on SRL. The results also suggest that SRL mediates the relationship between parental involvement and reading achievement. These results provide a framework for parents to help their children develop SRL skills and guide educators and school administrators as they intend to increase parental involvement and its effectiveness.