Traditional static literacy assessments evaluate acquired knowledge and are prone to floor effects. These tools are also developed almost exclusively for English monolinguals, and therefore cannot be used equitably to evaluate the abilities of bilingual children. Dynamic assessment (DA), which evaluates the ability to learn a skill, is a potential alternative, and more equitable approach to evaluating critical early literacy skills of phonological awareness, sound-symbols knowledge, and decoding. This systematic review and meta-analysis examined the concurrent validity of DAs of early literacy with their static equivalents, and their predictive validity longitudinally with later word reading outcome measures both overall across all populations, and specifically with bilingual and at-risk groups. Thirty studies were identified through searching 5 databases, and the grey literature. Included studies provided a correlation between a dynamic and concurrent static assessment, or a dynamic and a later reading outcome measure. Results of the first random effects meta-analysis suggested that overall, there was a strong relationship between dynamic and static assessments (r=.58). Subgroup analysis revealed that there were significant differences (p=.0012) between DAs of distinct early literacy skills, with decoding (r=.72) and phonological awareness (r=.50) measures demonstrating greater degrees of correlation with their static counterparts, compared to DAs of sound-symbol knowledge (r=.34). The outcomes of the second random effects meta-analysis indicate that there is a similarly strong relationship between DAs and word reading outcome measures overall (r=.58). Subgroup analyses did not reveal significant differences (p=.0593) in the predictive association between DAs of phonological awareness (r=.55) and decoding (r=.58). There were insufficient studies to conduct separate analyses for bilingual and at-risk populations. However, a narrative review suggests that the magnitude of the effect sizes from individual studies conducted with these populations are in line with overall correlational findings. There is also some evidence to suggest that DAs have the capacity to explain a significant amount of variance in later word reading outcomes in bilingual (7-11%) and at-risk groups (7-21%). Future studies should examine the validity of DAs specifically for use with well-defined bilingual and at-risk groups, as these are the populations who potentially have the most to gain from these measures.