Dynamic assessment has been recognized as a nonbiased approach to evaluating language learning potential among children who do not have equal access to the target language. However, it remains to be determined whether the graduated prompting approach of dynamic assessment is feasible in foreign language (FL) learning contexts as FL learners may not benefit from the small number of prompts administered in a single test session. The study explored the feasibility of a dynamic assessment of phonological awareness by examining its predictability of spelling performance in young FL learners and its potential to reveal learners' modifiability in phonological awareness. Fourth-grade learners of English as a FL (N = 50) took two phonological awareness measures (dynamic and static) and two FL spelling tests (real words and pseudowords), along with a questionnaire of prior FL learning experience. Results showed that dynamic phonological awareness uniquely predicted performance in both spelling tests after controlling for static phonological awareness and FL learning experience. Performance on phonological awareness improved from the first to the second half of the dynamic measure but not in the static measure. These findings suggest that a dynamic measure holds promise for enhancing prediction of spelling performance and evaluating modifiability of phonological awareness in young FL learners.