Combining the dictator game (DG) and the ultimatum game (UG), this study recruited 546 Chinese children (321 boys, aged 9–12 years) as distributors, and found that both peer comparison and social value orientation (SVO) significantly influenced children's distributive fairness from late childhood to early adolescence. Results showed that as the unfairness of peer proposals increased, participants decreased the amount of gold coins distributed to the receiver in both tasks, revealing a peer comparison effect. This effect was more pronounced for adolescents than for children in both tasks. In addition, participants' fair distribution behaviors in the DG showed a three‐way interaction effect of SVO, grade, and peer comparison. Specifically, for proselfs, children were not influenced by peers and consistently proposed self‐interested distributions, whereas adolescents exhibited a peer comparison effect; for prosocials, both children and adolescents were influenced by peers, but children decreased the amount of their distributions only when they saw peers make extremely unfair distributions, whereas adolescents decreased the amount of their distributions when they saw peers make both mildly and extremely unfair distributions. This study highlights the importance of social environment and personal trait in shaping children's fair distribution behavior during the transition from late childhood to early adolescence.