The study examined the relationships between self-regulated learning (SRL) strategies used by 2,894 bilingual primary school students and their Chinese and English reading test performance. Exploratory factor analysis of the self-reported SRL strategy use questionnaire yielded two factors of strategies (planning and monitoring) used in both Chinese and English reading. The analysis of the structural equation model indicated that the planning and monitoring strategies used in Chinese reading positively affected their corresponding strategies used in English reading. The Chinese planning and monitoring strategies directly and positively affected both Chinese and English reading test performance. The English planning had a positive effect on English reading test performance while the English monitoring strategy did not affect English reading test performance. The results contribute to the knowledge of SRL in second language and bilingual education in the Chinese context.