Working memory and inductive reasoning ability each appear related to children's achievement in math and reading. Dynamic measures of reasoning, based on an assessment procedure including feedback, may provide additional predictive value. The aim of this study was to investigate whether working memory and dynamic measures of analogical reasoning are unique predictors of children's concurrent and subsequent reading and math achievement. School children (N?=?188, M?=?7.1?years, SD?=?11?months) were administered a dynamic test of analogical reasoning comprising a pretest-training-posttest design. Pretest performance measures static reasoning ability, whereas posttest performance and feedback-needs during training are considered dynamic measures. Verbal and visuo-spatial working memories were assessed prior to dynamic testing. Performance on national reading and math achievement tests were gathered at two time points within one school year. A multilevel mixed-effects model indicated that verbal (but not visuo-spatial) working memory and dynamic reasoning measures formed unique predictors of concurrent and subsequent achievement in math and reading. Verbal working memory efficiency and performance on a dynamic test of analogical reasoning were both positively related to math and reading achievement in children in kindergarten, first grade and second grade. Dynamic assessment, in addition to working memory assessment, may be useful for educational psychologists when attempting to gauge children's future school performance.