The aim of the study is to describe the performance of deaf and hearing people while speechreading Spanish, a language with transparent orthography, and to relate this skill to reading efficiency. Three groups of 27 participants each were recruited: a group of deaf participants, a chronological age-matched hearing group and a reading age-matched hearing group. All three were tested on vocabulary, phonological awareness, reading speed, speechreading and, only in the group of deaf people, speech intelligibility. The results indicate that deaf people are better speechreaders than younger hearing people, but they are no better than their age-matched peers, and that speechreading is related to reading only in deaf people.