This longitudinal study was conducted to gain understanding of the social-emotional and academic development of economically disadvantaged bilingual preschool children. In Study 1, the authors combined cognitive, psychosocial, and cultural-linguistic factors to determine profiles of social competence as measured by peer play. A person-centered analysis of 207 Hispanic American preschoolers (ages 4 and 5 years) yielded 6 distinct profiles, 2 of which were socially competent and 1 of which was vulnerable. Findings revealed profile differences in social competence and a significant relationship between bilingualism and social-emotional development. In Study 2, the authors determined which profiles were associated with later academic achievement and growth of English proficiency. Findings indicated a significant relationship of early social-emotional development to later academic success and English acquisition, highlighting the role of bilingualism. (Contains 11 tables, 3 footnotes and 2 figures.)