Abstract: From the perspective of intergenerational relationships, children’s education level is an important factor which affects their supporting behavior and parents’ quality of life in old age, and then affects their parents’ subjective well-being. Based on the data of CFPS in 2018, this paper explores the influence of Chinese children’s education level on parents’ subjective well-being, and draws the following main conclusions: (1) The improvement of children’s education level has a positive effect on parents’ subjective well-being level, which explains that under the circumstance of limited family resources, people tend to sacrifice the quantity of children to achieve their quality. (2) There are significant differences in the influence of children’s education level on parents’ subjective well-being between fathers and mothers, urban and rural areas, and parents of different ages. (3) The level of parental subjective well-being is also affected by many factors such as personal education level, age, marital status, income, and gender of children. Based on the above research, this paper puts forward suggestions from the aspects of reducing the cost of childbirth and optimizing the allocation of educational resources.