Background and Purpose: Various factors are attributed to life satisfaction of the Chinese elderly. Adult children’s dependence on their parents has been noted to increase the parents’ life satisfaction. This study compares how adult children’s support and dependence each contributes to life satisfaction for the elderly in China. Methods: Data were drawn from the Chinese Longitudinal Aging Social Survey (CLASS 2014). We focused on individuals aged 60 years and over (N = 8,987). Multiple linear regression models were used for the data analyses. Results: Receiving adult children’s support, such as through financial assistance and emotional care, had a significant effect on the elderly’s life satisfaction. However, there are differences in the influence of the frequency of emotional care on life satisfaction of the elderly. There was also a significant relationship between adult children’s financial dependence on the elderly and the elderly’s life satisfaction. Elderly persons who received their adult children’s financial and physical support were more satisfied with life than their counterparts who supported dependent adult children. The elderly with better retirement incomes were more likely to support their children. Conclusions: Although the traditional “feedback model” still prevails in Chinese society, it has undergone some changes. For the Chinese elderly, life satisfaction can be increased by both receiving and giving support to their adult children, and retirement income plays an important role.