The work examines Bulgarian university students' metacognitive strategy awareness in foreign language learning with a particular accent on reading. A theoretical framework of research on reading and metacognition in reading in first and foreign languages is offered in the study. Scientific research on metacognition in foreign language learning and instruction puts emphasis on metacognitive strategies and their role in the process. Classifications of strategies for foreign language learning and some reading strategies and techniques are presented, as well as internet reading. The work also includes a brief analysis of an empirical study aiming to find out whether university students are familiar with cognitive and metacognitive strategies, and to what extent they use them in foreign language learning. The other main goal of the empirical research is to study students' approach to reading texts in first and foreign languages according to various criteria.