Bilingual children's reading as a function of age of first bilingual language exposure (AoE) was examined. Bilingual (varied AoE) and monolingual children (N = 421) were compared in their English language and reading abilities (6–10 years) using phonological awareness, semantic knowledge, and reading tasks. Structural equation modeling was applied to determine how bilingual AoE predicts reading outcomes. Early exposed bilinguals outperformed monolinguals on phonological awareness and word reading. Phonology and semantic (vocabulary) knowledge differentially predicted reading depending on the bilingual experience and AoE. Understanding how bilingual experiences impact phonological awareness and semantic knowledge, and in turn, impact reading outcomes is relevant for our understanding of what language and reading skills are best to focus on, and when, to promote optimal reading success.