The present study examined the mediating effect of processing speed on the relationship between state anxiety and reading comprehension in Chinese children with and without reading disabilities (RD). A total of 53 Chinese children with RD and 66 typically developing children were administered cognitive and noncognitive measures. We found that the two groups had distinct patterns of state anxiety and processing speed. A significant indirect effect of state anxiety on reading comprehension through processing speed was found only in children with RD. Our findings contribute to filling a research gap and provide evidence to front-line practitioners for adapting the teaching and measures for Chinese children with RD.