Socioemotional constructs have been receiving increased attention as contributors to individuals' literacy development. However, in comparison with positive socioemotional constructs, negative socioemotional constructs have been understudied with respect to their role in reading achievement in both emergent bilinguals (EBs) and English monolinguals (EMs). In the present study, we addressed this gap by examining reading anxiety in 339 EBs, who primarily spoke Spanish as their first language, and 178 EMs in grades 3-5, using a latent variable approach. We used structural equation modeling to form latent variables for reading anxiety, reading engagement, and reading achievement; compare latent variable means for EBs and EMs; and examine relations among the three focal constructs across the two language groups. The EBs and EMs showed similar levels of reading engagement, whereas the EBs showed a trend toward greater reading anxiety and statistically significantly lower reading achievement. Further, for both EBs and EMs, reading anxiety related negatively to reading achievement, both directly and indirectly through reading engagement, controlling for grade level. However, both the direct and indirect effects were greater for EBs than EMs. We interpret these results in the context of theoretical views of potential mechanisms linking reading anxiety and achievement, giving attention especially to the multidimensional nature of reading engagement. Based on the current findings and those of other research, we conclude by contending that reading anxiety merits increased scrutiny by researchers and educators endeavoring to understand and strengthen students' reading achievement and socioemotional development during the elementary school years.