Parents and adolescents perceive family processes differently. This study examined how convergence and divergence of parent‐perceived and adolescent‐perceived parental sacrifice influenced adolescent developmental outcomes in a sample of 275 poor intact Chinese families in Hong Kong. The results of polynomial regression analyses indicated that the interaction of fathers’ and adolescents’ perceptions of paternal sacrifice negatively predicted adolescent resilience and cognitive competence. Similar findings were identified in maternal sacrifice. Cluster analysis further showed that adolescents exhibited greater resilience and cognitive competence in families with parent–adolescent convergent perceptions of high levels of parental sacrifice than did those in families with parent–adolescent divergent views. Theoretical, methodological, and practical implications of the results are discussed.