In this study, we aimed to determine the early cognitive and home environmental predictors of reading in Turkish‐speaking children. A total of 362 children participated in the study. We monitored the children for 3 years and assessed the home environmental variables and cognitive skills in kindergarten, reading fluency at the end of the first grade, and reading comprehension at the end of the second grade. We found that home literacy environment and socioeconomic status predicted early literacy skills in kindergarten as they also predicted reading fluency and reading comprehension through early literacy in later years. In addition, we found that phonological awareness, letter knowledge, and rapid naming predicted reading fluency, while language and verbal working memory predicted reading comprehension. The results of the study showed us that it is important to consider reading and reading comprehension in Turkish‐speaking children holistically, together with cognitive skills and home environmental variables. Practitioner Points Early cognitive and home environmental factors affect the development of reading and reading comprehension in Turkish‐speaking children. Early home literacy environment and socioeconomic status predict reading success through early cognitive factors. Phonological awareness, letter knowledge, and rapid naming are essential variables for the development of reading fluency in Turkish, a highly transparent language.