Despite its importance to nearly all aspects of modern-day life, relatively few experimental studies have examined reading performance in children, and even fewer have focused on reading performance in bilingual children (reviewed in Jared, 2015). Given that more than 50% of the world’s population is bilingual (Grosjean, 2010), and that this percentage is on the rise, it is crucial to develop a better understanding of how bilingual experience at young age shapes key academic skills, such as reading. To help further this understanding, the current study employed eye movement recordings to examine first-language (L1) and second-language (L2) reading performance in English-speaking children (aged 7 to 12) enrolled in English-only (n = 34) and French immersion schools (n = 33). It also examined how individual differences in bilingual experience (indexed by different levels of current L2 exposure) shape L1 and L2 reading performance. The main findings were threefold. First, L1 reading performance was less effortful for children enrolled in English-only versus French immersion schools (indexed, for example, by faster reading rates and shorter fixations), despite being matched on standardized measures of L1 reading fluency and comprehension. Second, reading performance was less effortful in the L1 than in the L2 among children enrolled in French immersion schools. Third, greater levels of current L2 exposure among children enrolled in French immersion schools improved L2 reading performance, but had no significant impact on L1 reading performance. Taken together, these findings suggest that different language-learning experiences (indexed here by English-only and French-immersion school-systems), lead to important differences in reading behaviour that are not captured by traditional measures of reading. They also suggest that greater levels of bilingual experience among children positively influence L2 reading behaviour and, perhaps more importantly, have no negative influence on L1 reading behaviour.