Is the Confucian concept of filial piety relevant for understanding contemporary Chinese children’s psychological well-being? This study of 231 Hong Kong Chinese fifth and sixth graders demonstrated that parental warmth and two facets of children’s filial piety belief were uniquely associated with life satisfaction, self-esteem, and social competence. Following the dual filial piety model, results distinguished children’s reciprocal and authoritarian filial piety beliefs. In particular, there were significant positive associations of reciprocal filial piety with life satisfaction and social competence and significant negative associations of authoritarian reciprocal filial piety with self-esteem and social competence, even statistically controlling for children’s ages, grade levels, and perceived parental warmth. Results suggested that children’s filial piety belief is a theoretically important aspect of Chinese values and beliefs that is uniquely associated with a variety of psychosocial adjustment variables and should be explored cross-culturally.