There is a growing number of children learning to read in bilingual environments, yet research on the uniqueness of reading acquisition in these bilingual children, particularly L1 majority bilinguals, is limited. With a sample size of 690 4th-grade students, this study investigated predictors influencing L1 Chinese reading in Chinese-English bilingual children (n = 345) attending Chinese-English bilingual schools in mainland China and made comparisons with their monolingual counterparts (n = 345). The results of a multi-group path analysis revealed both similarities and differences between the two groups. In terms of Chinese reading comprehension, word reading and linguistic comprehension were significant predictors for both groups, but their relative importance differed. While there was no difference in the predictive power between the two predictors in the monolingual group, word reading held a greater contribution in the bilingual group. Regarding Chinese word reading, both morphological and orthographic awareness emerged as significant predictors in the monolingual group, whereas in the bilingual group, only morphological awareness was significant, and the contribution of phonological awareness was insignificant in either group. These findings underscore the distinct relationship between reading and its predictive constituents in bilingual students when compared to their monolingual counterparts.