Grainger et al. (2006) were the first to use ERP masked priming to explore the differing contributions of phonological and orthographic representations to visual word processing. Here we adapted their paradigm to examine word processing in deaf readers. We investigated whether reading-matched deaf and hearing readers (n = 36) exhibit different ERP effects associated with the activation of orthographic and phonological codes during word processing. In a visual masked priming paradigm, participants performed a go/no-go categorization task (detect an occasional animal word). Critical target words were preceded by orthographically-related (transposed letter - TL) or phonologically-related (pseudohomophone - PH) masked non-word primes were contrasted with the same target words preceded by letter substitution (control) non-words primes. Hearing readers exhibited typical N250 and N400 priming effects (greater negativity for control compared to TL or PH primed targets), and the TL and PH priming effects did not differ. For deaf readers, the N250 PH priming effect was later (250-350 ms), and they showed a reversed N250 priming effect for TL primes in this time window. The N400 TL and PH priming effects did not differ between groups. For hearing readers, those with better phonological and spelling skills showed larger early N250 PH and TL priming effects (150-250 ms). For deaf readers, those with better phonological skills showed a larger reversed TL priming effect in the late N250 window. We speculate that phonological knowledge modulates how strongly deaf readers rely on whole-word orthographic representations and/or the mapping from sublexical to lexical representations.