We aim to examine similarities and differences in the developmental patterns of habitual (HRM) and situational reading motivation (SRM). We investigated the correlated change of SRM and two aspects of HRM: habitual reading enjoyment and habitual reading for interest. The sample comprised N = 1508 students with four waves of data collections spaced approximately every 18 months. Applying multivariate curve-of-factors models, first we found a decline in all three aspects of reading motivation from T1 to T3, and a stable trajectory from T3 to T4. Second, all three aspects of reading motivation correlated strongly regarding time-specific aspects, as well as level and trend factors. Third, the two HRM aspects showed higher correlations than did any aspect of HRM with SRM. Implications of the correlated declines of HRM and SRM, and for future research on reading motivation in general, are discussed.