We explored whether bilingual toddlers make use of semantic and phonological overlap between their languages to learn new words. We analysed cross-sectional and longitudinal CDI data on the words understood and produced by 1.0 to 3.0-year-old bilingual toddlers with English and one additional language. Cognates were more likely to be understood and produced compared to non-cognates. Cognate effects were modulated by whether the toddler knew the translation equivalent in the other language, highlighting that young learners are sensitive to the similarities across their languages. Additionally, exploratory analyses suggest that children with smaller vocabularies rely more on translation equivalents to support the acquisition of difficult words. Children with larger vocabulary sizes exhibited no preference for translation equivalents in comprehension, and a preference for new concepts in production. The rapid acceleration of vocabulary growth in the second year of life may explain this developmental change in translation equivalent preference.