Using available data from Singapore's national census and economic reports, national exams, international comparison studies and small-scale studies, this paper examines the sociohistorical circumstances that led to the creation of Singapore's bilingual education policy, the results of this policy on recent academic achievement and implications for second language acquisition theory. National exam data reveal increasing levels of achievement for students in most academic areas; however, an achievement gap persists among ethnic groups. International comparisons indicate Singapore's superiority in math and science achievement and comparability in reading relative to participating countries. Little data are available on the degree of bilingualism of Singaporean students; however, the few published studies indicate English dominance in literacy but Mandarin dominance in oral communication for most Singaporean students. Singapore's success in educating students through a second language challenges the assumption of the supremacy of instruction through the home language but may lend support to the interdependence hypothesis.