This paper presents the observation data obtained in a first grade classroom of a bilingual immersion elementary school (Brazilian Portuguese/English) in Florianópolis (SC, Brazil). The main goals of this study are: a) to present all the recorded observations and to discuss these data based on the selected theoretical framework; b) to review concepts of literacy and bilingualism according to the following authors: Scliar Cabral (1982, 1984, 1985, 1989 e 2003), Landsman (1998), Dehaene (2007); Saunders (1988), Riehl (2004), Bosch e SebastiánGallés (2001) e Poulin-Dubois e Goodz (2001). Method: observation protocols were used for the descriptive recording of the data collected at the school with 16 students and 2 teachers. The data were analyzed and compared to the theoretical framework of literacy and bilingualism. The results confirmed that a better adaptation and a longer period of permanence at that school have helped the development of reading and writing skills (14 students have been studying at the school since they were 3 years old and two have just been enrolled for the last six months).