With declining birth rates, and decreasing family sizes being witnessed around the world, helicopter parenting—characterized by high warmth, high control, and low empowerment—is becoming increasingly common among parents. Parenting styles exert long-term effects on individuals’ cognition and behavior, not only in early childhood, but also in adulthood: therefore, within this context, this study explored the underlying influence mechanism of helicopter parenting style on interpersonal conflict, through a survey of 505 Chinese college students. Using multiwave data, our analysis uncovered the mediating roles of psychological entitlement and fear of missing out, as well as the moderating role of a competitive climate. In particular, we found that helicopter parenting enhances interpersonal conflict among college students, by strengthening psychological entitlement and fear of missing out. In addition, the indirect effect of fear of missing out is stronger than that of psychological entitlement. We also found that a competitive climate positively moderates the indirect effect of helicopter parenting on interpersonal conflict among college students through psychological entitlement and fear of missing out, indicating that the negative effects of helicopter parenting are more pronounced in a high competitive climate. These results provide a novel theoretical account of how early parenting styles affect an adult’s cognition and behavior. Practically, these results suggest that parents should limit the use of helicopter parenting, and that, while loving and caring for their child, they should allow their child appropriate autonomy. On the other hand, children should strive for positive self-improvement and harmonious peer relationships, to alleviate the negative influence of helicopter parenting.