First-language (L1) and second-language (L2) lexical development has been found to be strongly associated with phonological processing abilities such as phonological short-term memory (STM), phonological awareness, and speech perception. Lexical development also seems to be linked to attentional and executive skills such as auditory attention, flexibility, and response inhibition. The aim of this four-wave longitudinal study was to determine to what extent L2 vocabulary acquired through the particular school context of early L2 immersion education is linked to the same cognitive abilities. A total of 61 French-speaking 5-year-old kindergartners who had just been enrolled in English immersion classes were administered a battery of tasks assessing these three phonological processing abilities and three attentional/executive skills. Their English vocabulary knowledge was measured 1, 2, and 3 school years later. Multiple regression analyses showed that, among the assessed phonological processing abilities, phonological STM and speech perception, but not phonological awareness, appeared to underlie L2 vocabulary acquisition in this context of an early L2 immersion school program, at least during the first steps of acquisition. Similarly, among the assessed attentional/executive skills, auditory attention and flexibility, but not response inhibition, appeared to be involved during the first steps of L2 vocabulary acquisition in such an immersion school context.