Israeli bilingual children's literature provides evidence of a multicultural process. Despite the small number of these books, it is important to examine the phenomenon, as such books provide a representation of the numerous cultures and minority groups that comprise the population of Israel. The role and contribution of Israeli children's bilingual books have not been sufficiently explored. The focus of the current study is on the roles of bilingual children's literature, as reported from the perspective of 90 preservice teachers. The data collected were analyzed and thus three interrelated roles emerged: (a) the linguistic role, that is, fostering literacy; (b) the social role-promoting multiculturalism; and (c) the educational role-imparting values. The model constructed on the basis of these findings highlights the unique contribution of each role and the synergic effect of the three roles combined.