Noting that research indicating Newbery Medal books are not popular with elementary students in spite of their unquestioned superiority in plot, characterization, and style, a study examined the readability level of Newbery Medal winners from 1974 to 1986. Three readability formulas were used to assess readability: Gunning's Fog Index, Fry Readability formula, and the Flesch Grade Level formula. Results of analysis indicated that of the 13 books examined, the average grade level for only 3 books fell below the sixth grade reading ability level. Four of the 13 books averaged within the sixth grade reading ability level, and 4 required a reading ability level of eighth grade or above. It is important to recognize, however, that although readability formulas can provide objective, quantitative estimates of a book's difficulty, librarians, teachers, and parents must bring important subjective factors into consideration when making their own judgments of difficulty. (Readability levels of each of the books for all three formulas are included.) (HTH)