The development of science, society, and medicine leads to steady increases in average life expectancy. As a result, science is facing new challenges, including the prevention of dementia and the maintenance of efficient cerebral performance as people age. Bilingualism is among the protective factors preventing cognitive decline and maintaining cerebral neuroplasticity. However, the debate on the neuroprotective properties of bilingualism is still relevant. This article discusses the phenomenon of neurocognitive reserve (NCR) and determines the relationship between bilingualism and components of NCR such as brain reserve, neural reserve, and neural compensation. In addition, the article provides an overview of studies on the neural and cognitive mechanisms of the influence of bilingualism on the healthy functioning of the brain during aging. In conclusion, we briefly discuss how bilingualism can protect the brain from aging through the interaction between the brain and the cognitive components of NCR.