This study investigated the role of auditory selective attention capacities as a possible mediator of the well-established association between verbal short-term memory (STM) and vocabulary development. A total of 47 6- and 7-year-olds were administered verbal immediate serial recall and auditory attention tasks. Both task types probed processing of item and serial order information because recent studies have shown this distinction to be critical when exploring relations between STM and lexical development. Multiple regression and variance partitioning analyses highlighted two variables as determinants of vocabulary development: (a) a serial order processing variable shared by STM order recall and a selective attention task for sequence information and (b) an attentional variable shared by selective attention measures targeting item or sequence information. The current study highlights the need for integrative STM models, accounting for conjoined influences of attentional capacities and serial order processing capacities on STM performance and the establishment of the lexical language network.