With electronic book (ebook) sales and readership rising, are ebooks positioned to replace print books? This study examines the preference for ebooks and print books in the contexts of reading purpose, reading situation, and contextual variables such as age, gender, education level, race/ethnicity, income, community type, and Internet use. Additionally, this study aims to identify factors that contribute to ebook adoption. The results of this study support the notion that ebooks have firmly established a place in people’s lives, but are not yet positioned to take over all the roles of print books. Both print books and ebooks have unique attributes and serve irreplaceable functions in meeting people’s reading needs, which may vary by individual demographic, contextual, and situational factors.