This longitudinal study examines the relationships between Chinese cultural beliefs about adversity and psychological well-being and problem behavior in 199 Chinese adolescents with economic disadvantage. Results showed that endorsement of Chinese cultural beliefs about adversity was concurrently related to measures of adolescent psychological well-being (existential well-being, mastery, life satisfaction, self-esteem and general psychiatric morbidity) and problem behavior (substance abuse and delinquency) at Time 1 and Time 2. Partial correlation and multiple regression analyses showed that while Chinese beliefs about adversity at Time 1 predicted changes in developmental outcomes at Time 2 (except self-esteem), developmental outcome variables at Time 1 did not predict changes in endorsement of Chinese cultural beliefs about adversity at Time 2. The present findings suggest that identification with Chinese cultural beliefs about adversity is an important factor that influences the psychosocial adjustment of Chinese adolescents experiencing economic disadvantage.