Contingent self‐worth (CSW) is the extent to which an individual's sense of self‐worth is dependent on performance in a particular domain. CSW has been linked to poorer psychological health (e.g., lower global self‐esteem, greater depression and anxiety). However, the majority of work on CSW has been conducted with US college students. Far less is known about the influence of CSW for younger individuals or for non‐Western populations. This study examined relations between CSW domains and two indicators of well‐being (depressive symptoms and global self‐esteem) with Chinese adolescents (ages 13–16) and young adults (ages 19‐22). Results indicated that CSW in the domains of academic performance and others’ approval were positively related to depressive symptoms, whereas CSW in the domain of family support was negatively related to depressive symptoms. Others’ approval CSW was negatively related to self‐esteem for both adolescents and young adults, whereas CSW in the domains of academic performance and family support were related to self‐esteem for adolescents but not young adults. This study indicates that CSW is a meaningful and predictive construct for Chinese youth, and that cultural, environmental, and developmental factors may impact the relations between CSW and psychological health.