We examined the relations of short-term memory (STM), metalinguistic awareness (phonological, morphological, and orthographic awareness), and rapid automatized naming (RAN) to word reading in Korean, a language with a relatively transparent orthography. STM, metalinguistic awareness, and RAN have been shown to be important to word reading, but the nature of the relations of STM, metalinguistic awareness, and RAN to word reading has rarely been investigated. Two alternative models were fitted. In the indirect relation model, STM was hypothesized to be indirectly related to word reading via metalinguistic awareness and RAN. In the direct and indirect relations model, STM was hypothesized to be directly and indirectly related to word reading. Results from 207 beginning readers in South Korea showed that STM was directly related to word reading as well as indirectly via metalinguistic awareness and RAN. Although the direct effect of STM was relatively small (0.16), the total effect incorporating the indirect effect was substantial (0.42). These results suggest that STM is an important, foundational cognitive capacity that underpins metalinguistic awareness and RAN as well as word reading, and further indicate the importance of considering both direct and indirect effects of language and cognitive skills on word reading.