In skilled adult readers, reading words is generally assumed to rapidly and automatically activate the phonological code. In adults with dyslexia, despite the main consensus on their phonological processing deficits, little is known about the activation time course of this code. The present study investigated this issue in both populations. Participants' accuracy and eye movements were recorded while they performed a visual lexical decision task in which phonological consistency of written words was manipulated. Readers with dyslexia were affected by phonological consistency during second fixation duration of visual word recognition suggesting a late activation of the phonological code. Regarding skilled readers, no influence of phonological consistency was found when the participants were considered a homogeneous population. However, a different pattern emerged when they were divided into two subgroups according to their phonological and semantic abilities: Those who showed better decoding than semantic skills were affected by phonological consistency at the earliest stage of visual word recognition while those who showed better semantic than decoding skills were not affected by this factor at any processing stage. Overall, the findings suggest that the presence of phonological deficits in readers with dyslexia is associated with a delayed activation of phonological representations during reading. In skilled readers, the contribution of phonology varies with their reading profile, i.e., being phonologically or semantically oriented.