The purpose of this study was to examine the power of phonological awareness and rapid naming longitudinally in predicting reading achievement in a highly transparent orthography, Turkish. Children were followed in kindergarten and first grade and assessed at four time points. While phonological awareness and rapid naming skills of children were assessed in the fall and spring semesters of kindergarten and in the fall semester of first grade, their reading skills were assessed at the end of fall semester of first grade. A total of 365 children participated in all assessments. Structural equation modeling was used to examine the prediction status of phonological awareness and rapid naming on reading achievement. Results revealed that although phonological awareness was a better predictor of reading than rapid naming, both skills predicted reading achievement significantly at all three time points, and that the contribution of these skills to reading differed at various points in time. In conclusion phonological awareness and rapid naming are strong predictors of reading achievement in a highly transparent orthography as indicated by the previous research. Thus, by assessing these skills, children at risk for reading difficulties can be identified and supported early to increase their chance of success in school.