This study examined emotional interference and facilitation in cognitive processing among heritage bilingual and monolingual young adults across six tasks varying in emotional and linguistic demands. Results showed that bilinguals often exhibited comparable or more efficient processing than monolinguals in more demanding conditions (i.e., nonword rejection, high-load working memory tasks). Emotional valence effects were task-dependent and rarely differed across language groups, likely reflecting bilinguals’ dominance in English. Moreover, heritage bilingual performance was shaped by both English and Spanish language proficiency, as well as the age of second-language acquisition (AoA). Cognitive cost and valence effects varied by task, highlighting the interaction between task demands and bilingual language background. Findings emphasize the importance of individual bilingual experiences and task context in understanding cognitive and emotional processing, suggesting that group differences are not uniform but depend on nuanced language and task factors.