This study aimed to analyze whether there are differences between bilingual (Brazilian Portuguese and Spanish) and monolingual (Brazilian Portuguese) school children regarding reading and writing learning achievement, in executive functions (EF) components and metalinguistic abilities. Twenty-three bilingual and 23 monolingual children, aged 6 to 8 years, were assessed in terms of their writing, reading, and metalinguistic abilities, and with verbal and non-verbal tasks testing EF. A bilingual advantage was observed in reading and writing abilities and in 16 of the 44 EF measures, including subcomponents of working memory, inhibition, cognitive flexibility, and executive attention, mainly in non-verbal paradigms, while monolingual children outperformed bilingual ones in three scores: counting errors (Five Digits Test), omission of bells (Bells test) and sequential trial B (Trail Making Test). There were moderate and weak effect sizes in metalinguistic subcomponents showing bilingual advantage. Literacy improvement seems to have the potential to increase linguistic and cognitive abilities.