This research was aimed at contributing to the current understanding of the underlying factors of naming speed and the causes of naming speed deficits. Forty regular readers and 40 dyslexic university students participated in the study. Electrophysiological (Event-Related Potentials [ERPs]) and behavioral measures were employed. Behavioral baseline tasks assessed general ability, reading skills, reading-related cognitive abilities, and standard Rapid Automatized Naming (RAN) and Rapid Alternating Stimulus tests. ERP tasks included letter and object naming tasks adapted for electrophysiological research presentation. The dyslexics were significantly slower and less accurate than the controls on most of the baseline measures. On all the naming tasks, the peak ERP latencies were elicited later, reaction times were longer, and the P300 latency width was wider among the dyslexics as compared to the regular readers. On the choice reaction time naming tasks, accuracy for both groups was almost perfect. When naming presentation time was controlled by the experiment, the dyslexics were significantly less accurate than the controls. Our data indicated that effective naming speed was related to an earlier P200 latency peak among regular readers and to an earlier P300 latency peak and narrower area component activation in the dyslexic group. The results from this study suggest that effective RAN speed among regular readers might be a result of efficient processing of RAN information at the input stage of stimulis perception and evaluation as well as of updating and processing the information in short-term memory among dyslexics.