Motivated by theories of music-to-language transfer, we investigated whether and how musicianship benefits phonological and lexical prosodic awareness in first language (L1) Cantonese and second language (L2) English. We assessed 86 Cantonese–English bilingual children on rhythmic sensitivity, pitch sensitivity, nonverbal intelligence, inhibitory control, working memory, Cantonese phonological awareness, Cantonese tone awareness, English phonological awareness, and English stress awareness. Based on their prior music learning experience, we classified the children as musicians and non-musicians. The musicians performed better than the non-musicians on Cantonese phonological awareness, Cantonese tone awareness, and English phonological awareness. In addition, the musicians had superior pitch sensitivity, nonverbal intelligence, inhibitory control, and working memory than the non-musicians. For Cantonese and English phonological awareness, neither cognitive abilities nor pitch and rhythmic sensitivities turned out to be a unique predictor. However, working memory uniquely predicted Cantonese tone awareness, with age, rhythmic sensitivity, and pitch sensitivity controlled. From a theoretical perspective, our findings on Cantonese tone awareness favors the cognitive perspective of music-to-language transfer, in which working memory enhancement could explain the musicians’ superior performance in Cantonese tone awareness. However, our findings on phonological awareness do not favor the cognitive perspective, nor do they favor the perceptual perspective, in which enhanced rhythmic and pitch sensitivities could explain musicians’ advantage.