In this study, the cloze-elide test was developed and administered under time constraints. This research is aimed to examine the validity and reliability of the speeded cloze-elide test and investigate its relationship with reading comprehension, C-Test, and multiple-choice cloze test. Processing speed is a vital indicator to distinguish high to low levels of language proficiency. The obtained test scores of the test takers' performance in the restricted time reveal their level of overall language proficiency. One-hundred fifty Iranian undergraduate English students were selected to participate in this study. A reading comprehension test, C-tests, multiple-choice cloze tests and speeded cloze-elide tests were presented to the students. The Cronbach's alpha reliability revealed that speeded cloze-elide test is highly reliable. Moreover, the principal component analysis resulted in the presence of one component which supports the unidimensionality of the data. The findings also illustrated that the C-Test is a slightly better measure of reading comprehension than multiple-choice cloze test and speeded cloze-elide test. Based on the analysis of data, time limitations increase the test validity and test reliability on the cloze-elide test.