Historically, prediction during reading has been considered an inefficient and cognitively expensive processing mechanism given the inherently generative nature of language, which allows upcoming text to unfold in an infinite number of possible ways. This article provides an accessible and comprehensive review of the psycholinguistic research that, over the past 40 or so years, has investigated whether readers are capable of generating predictions during reading, typically via experiments on the effects of predictability (i.e., how well a word can be predicted from its prior context). Five theoretically important issues are addressed: What is the best measure of predictability? What is the functional relationship between predictability and processing difficulty? What stage(s) of processing does predictability affect? Are predictability effects ubiquitous? What processes do predictability effects actually reflect? Insights from computational models of reading about how predictability manifests itself to facilitate the reading of text are also discussed. This review concludes by arguing that effects of predictability can, to a certain extent, be taken as demonstrating evidence that prediction is an important but flexible component of real-time language comprehension, in line with broader predictive accounts of cognitive functioning. However, converging evidence, especially from concurrent eye-tracking and brain-imaging methods, is necessary to refine theories of prediction.