We examined the effects of orthographic and semantic similarity at early and late stages in processing morphologically complex Greek words during visual word recognition, contrasting with previously reported effects of morphological similarity that presumably reflects both dimensions. We used a primed lexical decision task with short and long stimulus onset asynchrony (SOA) in two experiments. There was no facilitation by orthographically or semantically related primes at short SOA. In contrast, at long SOA, there was significant facilitation by semantically related primes, but not by orthographically related ones. The effects were significantly smaller than previously observed effects of morphological similarity at both short and long SOA. Overall, the findings are not consistent with morphological effects being fully mediated by orthography and/or semantics in processing morphologically complex Greek words. Instead, we argue for explicit morphological processes and representations in the visual word recognition system that become active early in the recognition process.