Mythology and folklore have long been important means for promoting literacy in human societies. This study aimed at validating a mythology and folklore module and evaluating its effectiveness in teaching the subject of mythology and folklore. This was in response to inadequate learning resources in teaching literature and to address the call for effective instructional materials. The study used comparative-experimental research design. The results revealed that the developed module consisted of excellent contents, relevance and mechanics as evaluated by experts in the area. The module was also assessed by the students as highly acceptable, valid, reliable, and usable. Third Year Bachelor of Secondary Education (BSED) major in English students for School Year 2015-2016 were the participants of this study. The students were divided into control and experimental groups. The groupings were based on their GPA during the previous semester. While the experimental group utilized the developed module, the control group did not. The test instruments were the different exercises given every after the topics which lasted for one hour every session. Based on the results, the performance of the college students in literature in experimental group had improved from poor to excellent achievement whereas the control group had relatively improved from poor to fair achievement. Hence, it is recommended that the module be used in similar contexts particularly in learning mythology and folklore.