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Filial piety (or xiao) is a unique Chinese culture that affects older adults’ life satisfaction and loneliness. Guided by the dual filial piety model and socioemotional selectivity theory, this study explores how adult children's filial piety beliefs affect their parent's life satisfaction and loneliness. A total of 350 pairs of parent–child data were collected through a parent–child pair design. Results show that emotional support provided by adult children and emotional support perceived by parents (i.e., the transmission of emotional support) fully mediated the relationship between children's reciprocal filial piety belief and parents’ life satisfaction and loneliness, and partially mediated the relationship between children's authoritarian filial piety belief and parents’ life satisfaction and loneliness. However, instrumental support provided by adult children and instrumental support perceived by parents (i.e., the transmission of instrumental support) had no such mediating roles in the relationship between adult children's filial piety beliefs and parents’ life satisfaction and loneliness. This finding suggests that to improve parental well‐being, adult Chinese children should cultivate their filial piety and pay close attention to their parents’ emotional needs.