Oral deaf children and hearing children with dyslexia both experience literacy challenges, although their reasons differ. The authors explored the problems underlying poor literacy in each group and drew implications for reading interventions. Data were collected using standardized literacy and phonological measures from 69 severe-to-profoundly prelingually deaf children ages 10 and 11 years, all communicating with spoken language, and compared with equivalent data from 20 hearing children with a history of dyslexia matched on reading ability. Children were given a large battery of tasks assessing word and nonword reading, spelling, vocabulary, and reading-related skills, including letter sound knowledge, phonological awareness, rapid automated naming, and verbal short-term memory. Striking similarities were observed for word reading, nonword reading, and spelling across groups, and associations between the measures and reading-related skills were similar. However, differences between the two groups emerged in the strength of association between literacy and vocabulary. Regression analyses confirmed vocabulary as a key predictor of literacy in the oral deaf group. These results suggest that not only children with a history of dyslexia but also oral deaf children who struggle with reading should receive specialist literacy support. Reading interventions for oral deaf children should target phonological and language skills within a fully integrated approach.