Both reading and language experiences contribute to vocabulary development, but questions remain as to what effect each has and when. This article investigates the effects that reading, telling and sharing a story have on vocabulary acquisition. Children (N = 37) were told nine stories in a randomized, single-blind and counterbalanced 2 x 3 mixed design. The between-subjects variable was grade (2 vs 4) and the within-subjects factor was the story condition, being either read (adult read aloud) or told (free story telling) to the children, or read silently by the children (independent reading). Each story contained two rare target words that were unlikely to have been previously known to the children. Measures of receptive vocabulary, decoding, reading comprehension and target vocabulary acquisition from the story were also administered. Children in grade 4 performed better on the vocabulary acquisition test and there was a main effect for story condition; children learnt the least number of words when reading the stories independently and the most from the free story telling condition. Implications for vocabulary learning and the importance of oral language exposure - even for established readers in primary school - are discussed.