This study explored comprehension monitoring, use of reading strategies and reading comprehension of bilingual students at different levels of perceived proficiency in Italian. The participants were bilingual fifth to eighth-grade elementary school students from four Italian schools in Rijeka, Croatia. Students' reading comprehension was assessed. Their comprehension monitoring skill was measured on the Metacomprehension test and through use of a cloze task. The Strategic Reading Questionnaire (SRQ) was used as a self-report measure of strategic reading. A questionnaire investigating Italian language use and perceived proficiency in the Italian language was also administered. Perceived proficiency in Italian was not clearly determined by early or late preschool age of second language acquisition. Bilingual students with high perceived proficiency in Italian (high PP group) had better meta-cognitive reading skills than those with low perceived proficiency in Italian (low PP group). Comprehension monitoring was the most important predictor of reading comprehension in all students.