This study investigated the role of domain-specific and domain-general factors in predicting early literacy skills in Italian children. A sample of 239 first-grade students was evaluated using a broad neuropsychological battery to assess their cognitive skills. The results showed that phonological awareness, rapid automatized naming, speed of processing, and attentional control all played a role in predicting reading and writing abilities. These findings support the importance of considering not just domain-specific language skills, but also domain-general cognitive skills when identifying children at risk of difficulties in reading and writing. The study supports the adoption of a multifactorial-probabilistic model to accurately diagnose specific learning disorders.