The relationships between oral reading fluency, reading motivation and reading comprehension were examined at the beginning and the end of second grade among 121 Hebrew speaking students. The contribution of oral reading fluency and three sub-factors of motivation—self-concept as a reader, value attached to reading and literacy outloud (social interactions about literacy)—at the beginning of the school year to reading comprehension at the end of the year was also examined. Results indicate that all oral reading fluency measures and all motivational sub-factors were significantly correlated with reading comprehension at the end of second grade. In addition, positive change in self-concept as a reader along the school year was related to improvement in reading achievement. Finally, text rate and self-concept as a reader at the beginning of second grade together predicted 28% of the variance in reading comprehension at the end of second grade. The results support the notion that the cognitive approach to reading cannot explain all the variance in reading comprehension and emphasize the necessity of including motivational factors in the language arts curriculum in the early stages of reading acquisition.