Numerous studies have examined the relationship among orthographic (written) vocabulary size, depth and listening comprehension. However, there is a notable gap in research regarding how phonological (aural) vocabulary size and depth are related to listening comprehension and how this relationship changes over time. This gap in research may be due to the lack of valid and reliable tests for measuring phonological vocabulary size and depth. To address this, two vocabulary tests were developed to measure phonological vocabulary size and depth and investigate their correlation with listening comprehension. The study further explored developmental trajectories of phonological vocabulary size and depth and their dynamic correlations with listening comprehension over a semester. Sixty-three Chinese learners at beginning, intermediate and advanced proficiency levels participated in the cross-sectional phase of the formal study. Participants completed the listening part of a Chinese proficiency test and two vocabulary tests specifically designed for the study and validated based on the Rasch model. Moreover, in the longitudinal phase of the formal study, nine additional participants finished these three tests and a subsequent interview four times during the semester. The results showed that there were significant positive correlations among phonological vocabulary size, depth and listening comprehension. However, it was observed that only vocabulary depth significantly contributed to listening comprehension accuracy. The study identified more varied patterns in the developmental trajectories of phonological vocabulary size compared with depth, including continuous decline, progress and off-and-on progress. The dynamic correlations between them and listening comprehension also revealed diverse patterns, including connected and competitive growers, and competition-support as well as support-competition shift. These patterns indicate the changing distribution of internal and external resources, such as time spent on learning Chinese, motivation, and interaction with teachers in class. The study not only provides two valid and reliable instruments for measuring Chinese learners’ phonological vocabulary size and depth but also enriches theoretical understanding of their roles in listening processes. Additionally, it sheds light on the developmental trajectories of phonological vocabulary size and depth, revealing not only progress but also attrition, and the evolving nature of their relationships with listening comprehension.