Print exposure is an important causal factor in reading development. Little is known, however, of the mechanisms through which print exposure exerts an effect onto reading. To address this gap, we examined the direct and indirect effects of print exposure on silent reading fluency among college students (n = 52). More specifically, we focused on phonetic decoding and sight word reading efficiency as potential mediators of the indirect effects of print exposure on silent reading fluency. Silent reading fluency was chosen as the outcome given that the natural reading experience occurs predominately in the silent mode. Results showed that the direct effect of print exposure on silent reading fluency was significant. Sight word reading efficiency partially mediated the indirect effect of print exposure on silent reading fluency. Phonetic decoding efficiency also partially mediated the indirect effect of print exposure on silent reading fluency, but only when followed by sight word reading efficiency to form a serial and joint mechanism (i.e., print exposure [right arrow] phonetic decoding [right arrow] sight word reading [right arrow] silent reading fluency). Present findings highlight two mechanisms through which print exposure exerts an effect onto silent reading fluency, both of which involve sight word reading efficiency.