This eye-movement study utilizing the boundary paradigm investigated the processing of phonological information in the parafoveal during reading in Chinese children from third and fifth grades. The experimental design required participants to read sentences that included regular, irregular, homophone, or unrelated control phonograms as substitutes for normal simple characters. Both regular and irregular characters incorporated the same simple character as their phonetic radical, but only regular characters shared the exact pronunciation with their corresponding phonetic radical. The preview benefit of phonetic radicals was assessed by comparing regular and irregular characters against the unrelated control condition. In contrast, the preview benefit of homophones was determined by contrasting visually dissimilar homophones with the unrelated control condition. Results revealed that the phonetic radical preview effect becomes evident in the initial stages of reading for fifth graders. Subsequently, in the later integration stage, regular characters, wherein the phonetic radical's pronunciation consistent with the host character, demonstrate a markedly enhanced preview benefit compared to irregular characters. Notably, the homophone preview effect, emerging after the phonetic radical preview effect, maintains consistency among fifth-grade readers, in contrast to third-grade readers. These outcomes underscore the pivotal role of phonological information in the reading development of Chinese children, with effects varying across different grades.