Background: Obesity is a growing health problem across the globe. Obesity and psychological well-being have been explored in the Indian adolescent and adult population. However, their association has not been explored in Indian obese school children. Aims: The primary objective of this study is, therefore, to analyze body image dissatisfaction (BID), depression, and health-related quality of life (HRQOL) in obese and normal-weight children and to compare these factors between the 2 groups. Methods: In this cross-sectional study, 100 obese and 100 normal-weight children from Mumbai, between 10 and 12 years of age were recruited by simple random technique. The BID was assessed using Stunkard’s Silhouette Figure Rating Scale. Depressive symptoms were evaluated with the Mood and Feelings Questionnaire: Short Version and HRQOL was examined using the Pediatric Quality of Life Inventory. The statistical analysis was carried out using SPSS statistical software version 24 (SPSS Inc. Chicago, IL USA). Results: The mean body mass index of the normal-weight children was 15.76 ± 1.4 kg/m 2 and 26.62 ± 3.1 kg/m 2 for obese. All obese children demonstrated BID, 54% were depressed and only 33% demonstrated a very good HRQOL. Intergroup analysis revealed a statistically significant difference in the obese group for BID, depression, and HRQOL, where P < .05. Conclusion: Obese school children are more prone to BID, higher depressive symptoms, and poor HRQOL than normal-weight school children. Thus, it demands a multimodal approach in preventing chronic psychological related problems in obese children.