The purpose of the study was to investigate the causal relationships among factors affecting L2 reading achievement using a structural equation modeling (SEM) analysis. A total of 327 Korean EFL high school students completed a questionnaire on L2 reading motivation and strategies. The students’ L2 listening and reading comprehension abilities were measured by scores on the practice test for Scholastic Aptitude Test (PSAT) and self-assessed listening and reading proficiency. The study results showed that the students’ L2 reading efficacy, L2 reading strategy use, and L2 listening skills were significant predictors of their L2 reading achievement, while L2 reading motivation showed no significant relation with reading achievement. The nonsignificant path loading between reading motivation and reading achievement implies that reading motivation alone is not sufficient to promote students’ L2 reading proficiency. The final SEM model indicated a relatively strongest contribution of L2 listening ability over L2 reading efficacy and strategy use to L2 reading achievement. Pedagogical implications based on the findings are discussed.