This article deals with the general effects of bilingualism and second language learning and related psychological approaches. First, bilingualism and the psychology of bilingualism are examined, and then the advantages and disadvantages of bilingualism and learning a second language as an experience acquired by language learners in the process of learning a second language and the effects of bilingualism are discussed. Finally, the discussion concludes by discussing the results of several research studies conducted in different environments and contexts and the future prospects of psychological approaches to second language learning and bilingualism.