This study examines narrative production and comprehension in typically developing Italian(L1)–English(L2) sequential bilinguals, aged 5 to 7. The results point out (a) that older children surpass younger ones on all measures; (b) a gain of first language (Italian) over second language (English) for younger children; and (c) production and understanding are both more precise in story retelling than in telling. Theoretical and methodological implications of these findings are debated.