There is increasing evidence for an association between both serial order short-term memory (STM) and the long-term learning (LTL) of serial order information and reading abilities. In this developmental study, we examined the hypothesis that STM for serial order supports online grapheme-to-phoneme conversion processes during the initial stages of reading acquisition, whereas the LTL of serial order serves reading abilities at later stages, when reading starts to rely on more stable, long-term orthographic representations. We followed a sample of 116 French-speaking children from first (Time 1 [T1]) grade of primary school through second (Time 2 [T2]) and third (Time 3 [T3]) grade. Their serial order STM and LTL abilities as well as their reading abilities were assessed. Overall, we observed that early reading abilities were only predicted by serial order STM performance, while more advanced reading abilities were predicted by both serial order STM and LTL performance. These results point toward a predictive role of serial order memory performance in reading acquisition and suggest that serial order STM and LTL support reading at different stages of acquisition. We further discuss our findings in the light of advancing knowledge about the relationship between memory and reading.