Using electroencephalography (EEG) to study the neural oscillations supporting language development is increasingly common; however, a clear understanding of the relationship between neural oscillations and traditional Event Related Potentials (ERPs) is needed to disentangle how maturation of language-related neural networks supports semantic processing throughout grade school. Theta and the N400 are both thought to index semantic retrieval but, in adults, are only weakly correlated with one another indicating they may measure somewhat unique aspects of retrieval. Here, we studied the relationship between the N400 amplitude and theta power during semantic retrieval with key indicators of language abilities including age, vocabulary, reading comprehension and phonological memory in 226 children ages 8–15 years. The N400 and theta responses were positively correlated over posterior areas, but negatively correlated over frontal areas. When controlling for the N400 amplitude, the amplitude of the theta response was predicted by age, but not by language measures. On the other hand, when controlling theta amplitude, the amplitude of the N400 was predicted by both vocabulary knowledge and age. These findings indicate that while there is a clear relationship between the N400 and theta responses, they may each index unique aspects of development related to semantic retrieval.