Abstract: Which factors influence lexical phonological learning is one of critical issues in psycholinguistics. The phonological loop theory suggested that phonological short-term memory played a key role during the process of lexical phonological learning, the better the ability of PSTM is, the more effective lexical learning becomes. Phonological sensitivity hypothesis claimed phonological awareness was an important factor to affect children’s lexical growth and learning. Furthermore, some researchers indicated that phonological knowledge had probably had a more essential and critical influence on lexical learning. Recent studies emphasized how the interaction of these factors to affect lexical phonological learning. At last, some questions which need further study in this field were put forward.