This study explored how working memory resources contributed to reading comprehension using tasks that focused on maintenance of verbal information in the phonological store, the interaction between the central executive and the phonological store (WMI), and the storage of bound semantic content in the episodic buffer (immediate narrative memory). We analysed how performance in these tasks was related to text decoding (reading speed and accuracy), listening and reading comprehension. The participants were 62 monolingual and 36 bilingual children (mean age nine years, SD = 9 months) enrolled in the same Italian primary school. Bilingual children were born to immigrant parents and had a long history of exposure to Italian as a second language. The regression analyses showed that reading accuracy and listening comprehension were associated with reading comprehension for monolingual and bilingual children. Two working memory components-WMI and immediate narrative memory-exhibited indirect effects on reading comprehension through reading accuracy and listening comprehension, respectively. Such effects occurred only for monolingual children. We discuss the implications of such findings for text reading and comprehension in monolinguals and bilinguals.