Purpose: The current study investigated the contribution of age, age of bilingual onset (AoB), parental book reading, and language proficiency to the narrative macrostructure (story structure) skills of bilingual preschool children. Method: Forty English–Hebrew bilingual kindergarteners ( M = 64.88 months) in Israel participated in the study. Children retold narratives in both the home language (HL)/English and the societal language (SL)/Hebrew. Data were coded for macrostructure using seven story grammar (SG) elements (character, problem, internal response to the problem, goal, attempt, outcome, and internal response to the outcome). To identify predictors of macrostructure abilities, information was collected regarding age, oral and written language exposure (AoB and parental book reading), and language proficiency (standardized test scores and a receptive vocabulary task) in both languages. Results: Findings showed superior story structure scores in the HL/English for the total SG and complete episode scores (goal, attempt, outcome), as well as more frequent production of character and the internal response to the problem. Regression analysis indicated that HL/English parental book reading predicted SL/Hebrew macrostructure performance. Conclusions: The study demonstrates the importance of HL literacy practices for SL macrostructure performance. Findings are discussed in light of Cummins' linguistic interdependence hypothesis.