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The present study examined longitudinal transactional relations between reading ability and science and mathematics domain knowledge across Grade 1 to 5, using a large-scale, nationally representative sample from the Early Childhood Longitudinal Study-Kindergarten Class of 2010-11 (ECLS-K: 2011). Despite the well-established relation between domain knowledge and reading ability, it is unclear whether efforts to build a child’s domain knowledge would lead to the improvement of reading or vice versa and whether the magnitude of this knowledge-reading longitudinal relation would vary by domain (science, mathematics). To specify the changes in the reciprocal relations over time, we used multivariate latent curve modeling with structured residuals (LCM-SR) to capture two distinctive sets of associations: (a) between-person relations, assuming that overall levels and rates of change over time in reading ability and science and mathematics domain knowledge are unique to individual differences; and (b) within-person relations, representing that reading ability at a time point is meaningfully related to science or mathematics knowledge at a subsequent point in time and vice versa. Our results showed that the contribution of mathematics knowledge to reading ability started stronger than science knowledge by Grade 4, but the influence of science knowledge on reading ability became even greater than mathematics knowledge in Grade 5. We obtained consistent results when analyses were repeated for the subset of children who received bilingual instruction. Findings of this study support the transactional reading-knowledge relation from developmental perspectives, but the changes and strength of the transactional relation are domain-specific.