Research findings: Developing adequate socioemotional competencies is of great relevance for later health and academic outcomes. Shared book reading creates valuable social situations that provide opportunities to talk about characters' emotions and social interactions with children and thus might contribute to children's socioemotional development. Additionally, shared reading as a key facet of the Home Literacy Environment (HLE) plays a significant role in children's language acquisition whereas linguistic abilities, in turn, are an important predictor of children's socioemotional competencies. Based on a sample of N = 131 children with an average age of M = 37 months (SD = 4.00), this study investigates the association of different facets of the HLE with children's linguistic and socioemotional competencies. Regression analyses were conducted to predict socioemotional competencies by shared reading habits and a global measure of the HLE while controlling for children's linguistic abilities and various child and family characteristics. A significant association between families' shared reading habits and children's socioemotional competencies mediated by children's linguistic abilities was found. Practice or policy: Shared reading with children is a beneficial habit that can support children's linguistic and socioemotional learning. Supporting children's linguistic abilities may be a beneficial strategy to foster children's socioemotional competencies.