The recent expansion of research on children's understanding of others' minds (or 'theory of mind', ToM) into middle childhood provides fresh opportunities to consider its origins and consequences. In this paper, we propose that, in addition to supporting children's social interactions, individual differences in ToM benefit academic achievement, in particular, reading comprehension and scientific reasoning. Furthermore, we argue that the school and classroom context can influence individual differences in ToM and its ongoing development in middle childhood. We suggest future directions for research to test these claims, which will provide a new perspective on the consequences of ToM and test the developmental continuity of socio-cultural accounts of mindreading.