Despite the importance of academic reading in higher education, the current literature lacks a valid instrument comprising different components of academic reading at a graduate level. This article reports on the development of an academic reading instrument for (Iranian) MA students of applied linguistics. To this end, based on a thorough review of the relevant literature and interviews with experts, a preliminary theoretical framework was proposed and an instrument with 50 items was developed. The instrument was validated through conducting exploratory factor analysis (EFA) with 345 participants and a further confirmatory factor analysis (CFA) with 207 participants. The results of the EFA and CFA led to the emergence of an 8-component instrument with 37 items. The components include reading strategies, English language proficiency, content knowledge, statistical literacy, genre awareness, information literacy, interaction with teaches and peers (interactive reading), and critical reading. The implications are discussed.