Children’s academic performance has an effect on, and is affected by, their social experiences and psychological adjustment. This study aims to investigate the longitudinal relations among academic achievement, peer victimization, and depression in Chinese children. A sample of 1045 students (639 boys, 406 girls, mean age = 9 years 4 months) attending elementary schools in Beijing, People’s Republic of China, were assessed each year in Grade 3, 4, 5, and 6. This study adopted a multi-informant approach, and four waves of data on academic performance, victimization, and depression were collected from school records, peer nominations, and self-reports, respectively. Data were analyzed using the random intercept cross-lagged panel model (RI-CLPM) to examine multiple reciprocal relations among the three constructs at both the between-person level and the within-person level. The analysis revealed that, after controlling for between-person effects, the reciprocal linkages between children’s academic performance and victimization were significant from Grade 3 to 4, and from Grade 5 to 6. In addition, academic achievement had unidirectional contributions to subsequent depression in lower grades and higher grades. Findings from the present study highlighted the significance of academic performance in the Chinese culture.