A review of the literature shows that our knowledge concerning effects of chronic aircraft noise exposure on children is still limited and does not allow well-founded predictions for children living in specific noise-exposed areas. In this study, we investigated effects of aircraft noise on cognition and quality of life in 1,243 second graders from 29 schools around Frankfurt/Main Airport in Germany. Although exposure levels at schools were below 60 dB and thus considerably lower than in previous studies, multilevel analyses revealed that increasing exposure was linearly associated with less positive ratings of quality of life, increasing noise annoyance, and decreasing reading performance. A 20 dB increase in aircraft noise exposure was associated with a decrease in reading scores of one fifth of a standard deviation, corresponding to a reading delay of about 2 months. No effects were found for verbal precursors of reading acquisition. Teachers’ reports (N = 84) indicate that severe disruptions of classroom instruction due to aircraft noise may contribute to the effect on reading.