Here we describe the open access dataset entitled "Longitudinal Brain Correlates of Multisensory Lexical Processing in Children" hosted on OpenNeuro.org. This dataset examines reading development through a longitudinal multimodal neuroimaging and behavioral approach, including diffusion-weighted and T1-weighted structural magnetic resonance imaging (MRI), task based functional MRI, and a battery of psycho-educational assessments and parental questionnaires. Neuroimaging, psycho-educational testing, and functional task behavioral data were collected from 188 typically developing children when they were approximately 10.5 years old (session T1). Seventy children returned approximately 2.5 years later (session T2), of which all completed longitudinal follow-ups of psycho-educational testing, and 49 completed neuroimaging and functional tasks. At session T1 participants completed auditory, visual, and audio-visual word and pseudo-word rhyming judgment tasks in the scanner. At session T2 participants completed visual word and pseudo-word rhyming judgement tasks in the scanner.