The long-term associations between early receptive/expressive lexical skills and later language/pre-literacy skills require clarification. To study the association between and predictive values of early receptive/expressive lexical skills and language/pre-literacy skills at 5;0 years, and to examine the language profiles at 5;0 years of children with weak receptive language/expressive lexical skills at 2;0 years. The participants were 66 monolingual children. Their lexical skills were measured using the Finnish short-form version of the MacArthur–Bates Communicative Development Inventories at 1;6 and 2;0 years. Receptive language skills were measured at 2;0 years using the Reynell Developmental Language Scales III. A broader assessment at 5;0 years measured lexical, phonological, morphological and pre-literacy skills. Significant associations between receptive/expressive lexical skills at 1;6 years and language and pre-literacy skills at 5;0 years were found. Both receptive language and expressive lexical development measured at 2;0 years were greatly and relatively evenly associated with language and pre-literacy skills at 5;0 years. Lexicon/language variables at 1;6 years and 2;0 years had statistically significant predictive values for general language and pre-literacy scores at 5;0 years. The best models that included early lexical predictors explained 20–34% of later language/literacy outcome. Weak skills at 2;0 years proposed vulnerability in language and pre-literacy skills at 5;0 years. Language and pre-literacy skills at 5;0 years can to some extent be explained by early receptive language and/or expressive lexical development. Further assessment and/or follow-up is important for children who have had weak language/lexical skills at 2;0 years. •Significant associations between early lexical skills and different language and pre-literacy skills at 5 years were found.•The best models that included early lexical predictors explained 20–34% of later language/literacy outcome.•Most children with weak lexical/language skills at 2 years had weak skills in at least one language domain at 5 years.•The findings emphasize the importance of screening for both early receptive and expressive lexical/language skills.