Language is an unavoidable component of human communication and it has an important role in all aspects of life. In todays' world of globalization and migration, bilingualism and multilingualism have become exceptionally frequent phenomena, and according to some estimations, between 50 and 70% of the world population are bilinguals and multilinguals (Byram and Hu, 2013). When it comes to children, bilingualism can appear very early, even before they are born. In the last trimester, a baby listens to the sounds around him or her and is getting used to hearing two languages. Bilingualism is a very complex phenomenon – that is why there are numerous studies and definitions that highlight various characteristics of bilingualism. However, all experts agree that it is the usage and knowledge of two languages. In this paper, the advantages of bilingualism in general, and the advantages of bilingualism in the social context will be discussed. The paper starts with a review of the existing definitions and it gives a representation of classifications of bilingualism according to the time of acquisition and language proficiency in both languages. Further, diametrically opposite opinions about bilingualism are described – from the opinion that learning two (or more) languages has a negative impact on a child’s development, to the more recent attitudes based on contemporary research which confirms positive impact of bilingualism from the earliest age. Based on the analysis of five articles that describe different aspects of bilingualism and growing up in a bilingual environment within family and/or in an educational institution, this thesis will present some advantages of growing up bilingually and will illustrate how they impact children in a social context, such as the way they switch codes depending on the person they are speaking with and the words they need, and how they involve in the interaction with other children, etc. The conclusion is that children who start learning two languages at an early age have advantage in the future, but also during growing up. They easily adjust to the person they are talking to, it is easier to make friends and they are more self-confident. Adult bilinguals have better knowledge of two (or more) languages, and their pronunciation in a foreign language usually does not differ much from that of the native speakers.