Many researchers and educators intend to develop a general understanding of reading comprehension process by means of reasonable framework. In fact, they have come out different models which have had a significant effect not only on reading but also on other aspects of second language learning and teaching. Two important models will be discussed in this essay, psycholinguistic and schema approaches. First, historical antecedents of these two approaches will be traced back. Then, the writer will outline the basic elements of the two approaches and demonstrate the development of the psycholinguistic and schema approaches to reading and second language learning. Next, the writer will point out their application to second language learning and teaching.