This article presents DIANA, a new, process-oriented model of human auditory word recognition, which takes as its input the acoustic signal and can produce as its output word identifications and lexicality decisions, as well as reaction times. This makes it possible to compare its output with human listeners’ behavior in psycholinguistic experiments. DIANA differs from existing models in that it takes more available neuro-physiological evidence on speech processing into account. For instance, DIANA accounts for the effect of ambiguity in the acoustic signal on reaction times following the Hick–Hyman law and it interprets the acoustic signal in the form of spectro-temporal receptive fields, which are attested in the human superior temporal gyrus, instead of in the form of abstract phonological units. The model consists of three components: activation, decision and execution. The activation and decision components are described in detail, both at the conceptual level (in the running text) and at the computational level (in the Appendices). While the activation component is independent of the listener’s task, the functioning of the decision component depends on this task. The article also describes how DIANA could be improved in the future in order to even better resemble the behavior of human listeners.