We examined how reading mode (i.e., silent vs. oral reading) influences parafoveal semantic and phonological processing during the reading of Chinese sentences, using the gaze-contingent boundary paradigm. In silent reading, we found in 2 experiments that reading times on target words were shortened with semantic previews in early and late processing, whereas phonological preview effects mainly occurred in gaze duration or second-pass reading. In contrast, results showed that phonological preview information is obtained early on in oral reading. Strikingly, in oral reading, we observed a semantic preview cost on the target word in Experiment 1 and a decrease in the effect size of preview benefit from first- to second-pass measures in Experiment 2, which we hypothesize to result from increased preview duration. Taken together, our results indicate that parafoveal semantic information can be obtained irrespective of reading mode, whereas readers more efficiently process parafoveal phonological information in oral reading. We discuss implications for notions of information processing priority and saccade generation during silent and oral reading.