Purpose: This longitudinal study investigated the simple view of reading (SVR) model and its cognitive basis in a transparent orthography of the Lithuanian across the transition from kindergarten to Grade 1. Method: The language and early literacy skills of 229 children (Mage = 6.79, SD = 0.47) were tested at the end of kindergarten (vocabulary, letter knowledge, phonological awareness, and RAN); listening comprehension and word reading fluency were tested at the start of Grade 1; and reading comprehension was measured at the end of Grade 1. Results: Together with parental education, word reading fluency and listening comprehension predicted reading comprehension (R2 = 43.2%). The second model, which also included language and early literacy skills, showed that vocabulary and phonological awareness indirectly predicted reading comprehension via listening comprehension, while phonological awareness, letter knowledge, and rapid automatized naming (RAN) indirectly predicted reading comprehension via word reading fluency (R2 = 43.6%). However, after allowing the direct paths from language and early literacy skills in kindergarten to reading comprehension, listening comprehension and word reading fluency were no longer significant predictors of reading comprehension, whereas vocabulary and letter knowledge were (R2 = 58.9%). Conclusion: The results provided support for the SVR model in transparent Lithuanian orthography in that linguistic and decoding components are important for early reading comprehension. However, the results also suggested that, in the Lithuanian context, kindergarten vocabulary and letter knowledge are stronger measures in predicting reading comprehension than listening comprehension and word reading fluency in Grade 1.