The purpose of the present study was to identify university learners’ reading strategy preferences and to assess the individual and joint effects of bottom-up and top-down reading strategy use on English reading comprehension in an English as a foreign language (EFL) context. To this end, a convenience sample of 140 (26 males, 114 females) Taiwanese EFL freshmen taking General English I were given the English Reading Comprehension Test and the Reading Strategy Survey. EFL learners showed a clear preference for top-down strategies over bottom-up strategies; in addition, they reported preferring using the most effective strategies such as rereading and using prior knowledge and experience. Moreover, although both bottom-up strategy use and top-down strategy use were positively correlated with reading comprehension, top-down strategy use was the sole significant predictor of reading comprehension. Bottom-up strategy use failed to predict reading comprehension directly, but it had an indirect effect on reading comprehension through the complete mediation of top-down strategy use. Thus, delivering an effective reading strategy instruction involving a combination of bottom-up and top-down processing would be beneficial to reading proficiency development for EFL learners.