It is well known that people who read fiction have many reasons for doing so. But perhaps one of the most understudied reasons people have for reading fiction is their belief that reading will result in their acquisition of certain forms of knowledge or skill. Such expectations have long been fostered by literary theorists, critics, authors, and readers who have asserted that reading may indeed be among the best ways to learn particular forms of knowledge. Modern psychological research has borne out many of these claims. For example, readers of fiction learn cognitive skills such as mentalizing or theory of mind. Reading fiction is also associated with greater empathic skills, especially among avid or lifelong readers. For readers who are emotionally transported into the fictional world they are reading about, powerful emotional truths are often discovered that may subsequently help readers build, or change, their identities. Fiction readers acquire factual information about places or people they may not have any other access to. But reading fiction also presents opportunities to acquire inaccurate factual information that may diminish access to previously learned accurate information. If readers are provided with inaccurate information that is encoded, they have opportunities to make faulty inferences, whose invalidity the reader is often incapable of detecting. Readers of fiction use schematic world knowledge to navigate fictional texts. But if the border between fiction and reality becomes blurred, as might be the case of avid readers of fiction, there is a risk that they may export schematic knowledge from the world of fiction to the everyday world, where it may not be applicable. These and other findings suggest that the varieties of learning from fiction form a complex, nuanced pattern deserving of greater attention by researchers.