Many studies argue that exposure to, and use of, multiple languages in childhood has beneficial effects beyond the linguistic domain, including on executive functions (EFs), although recent evidence remains controversial. EFs encompass abilities necessary for regulating goal-directed behaviours in everyday life and, in children, EFs strongly predict later academic achievement and wellbeing. One theoretical framework distinguishes "hot" EFs, which have a reward or affective component, from "cool" EFs that do not. How exposure to more than one language in early childhood modulates hot and cool EFs in later childhood, alongside other environmental and cognitive factors, remains poorly understood. We analysed data from the UK Millennium Cohort Study, a large-scale, nationally representative longitudinal cohort study, which provides information on perinatal and environmental factors (e.g., languages spoken in the home, maternal education) alongside cognitive measures assessed in English. At 3 years, we examined the effect of multiple language exposure on the Bracken school readiness assessment (knowledge of shapes, letters, etc.), and on naming vocabulary. At age 11, we examined the predictors of cool EF, measured with a spatial working memory task; hot EF, measured using a gambling task; and vocabulary, measured using a verbal reasoning task. Data from 16,134 children were analysed. At age 3, a negative effect of multiple language exposure on school readiness and vocabulary was observed, but the difference was smaller with higher maternal education. At age 11, there was also a negative effect on vocabulary, but smaller than that observed at age 3. There were no direct effects of language exposure on either spatial working memory or gambling scores. For hot EF, the multiple language exposure effects were indirect, mediated by early cognition, and the most significant predictor of gambling strategy was sex. For cool EF, school readiness and vocabulary at age 3 were the strongest predictors. Our findings, based on a UK population sample, highlight the importance of considering socioeconomic status and early-life abilities when interpreting the effects of language environments on hot and cool EFs.