The present study sets out to address two fundamental questions in the reading of continuous texts: Whether semantic and phonological information from upcoming words can be accessed during natural reading. In the present study we investigated parafoveal processing during the reading of Korean sentences, manipulating semantic and phonological information from parafoveal preview words. In addition to the first evidence for a semantic preview effect in Korean, we found that Korean readers have stronger and more long-lasting phonological than semantic activation from parafoveal words in second-pass reading. The present study provides an example that human mind can flexibly adjust processing priority to different types of information based on the linguistic environment.