Based on the Simple View of Reading model, this study examines the relationships among Chinese reading comprehension and its two componential processes, Chinese character reading and listening comprehension, in young learners of Chinese as a second language (CSL) using a longitudinal design. Using relevant measures, a sample of 142 senior primary ethnic minority students in Hong Kong was assessed twice a year. The results of regression analyses showed that character reading and listening comprehension could together account for a significant portion of the variance in reading comprehension at grades 4 and 5 both concurrently and predictively. Subsequently, a trivariate, cross-lagged path model was specified to evaluate the relationships among these variables after controlling for their autoregressive effects. The study identifies statistically significant and unique contributions of character reading and listening comprehension to reading comprehension; further, it finds reciprocal relationships between reading comprehension and its componential processes. Moreover, the two componential processes themselves are significantly related across grades 4 and 5. Apart from supporting the predictive influence of character reading and listening comprehension on reading comprehension, the findings of this study reveal how Chinese language comprehension and literacy development are interrelated in young CSL learners.