Bilingualism in individuals has always been there, but recently there is an increasing number of children who have two mother tongues due to multiculturalism. Bilingualism is a frequent topic of research by experts in various fields. This paper deals with the topic of bilingualism in young children with a special focus on their linguistic creativity, more specifically neologism production. It consists of two parts. The first part of the paper lays out a theoretical background needed to systematically explore the topic. The concepts of bilingualism and neologisms are explained. The second part of the paper is empirical research. The subject sample were bilingual and monolingual children with a regular speech and language developmental status. The research was conducted on a sample of eleven preschool children aged three to six. Six were bilingual and five monolingual. Four bilingual children are from linguistically mixed families, and two children are from monolingual (Croatian) families living in a second language area (in France). The aim of the study is to compare the formation of neologisms in monolingual and bilingual children. The comparison of children was carried out by dividing the subjects into same sex and approximately same age groups, in which the examination of children's language production was conducted. The children were tasked with naming pictures of different objects. The results of the research show that bilingual children are more prone to the formation of neologisms compared to monolingual children. A small subject sample is the main limitation in making conclusions based on the results, but these results confirm those scientific considerations that suggest a positive effect of bilingual upbringing on linguistic creativity.