The purpose of the present study was to investigate the longitudinal relationship between main caregivers’ life satisfaction and depression and self-esteem of school-aged children, and to provide plans for improving the lives of the school-aged children. For this purpose, we analyzed the three years’longitudinal panel data (2011-2013) of the Korean Children and Youth Panel Survey (KCYPS) including 2,342 first grade elementary school children employing the latent growth model using SPSS 18.0 and AMOS 22.0. Analysis results were as follows. First, main caregivers’life satisfaction and school-aged children’s depression increased as time passes and linear change model was selected. Second, the initial status of main caregivers’life satisfaction had effects on the initial status of their children’s depression, but initial status and rates of change of life satisfaction did not have an influence on the rates of change of the depression. However, it was found that the main caregivers’ life satisfaction had effects on the school-aged children’s self-esteem and it worked as a mediator on the longitudinal relationship between the main caregivers’life satisfaction and the children’s depression. School-aged children’s self-esteem was a partial mediator on the initial status of their depression and full mediator on these rates of change. These findings suggests that programs improving school-aged children’s self-esteem should be developed.