<p>Adolescent depression has become a public health problem that arouses worldwide concern. Although previous evidence has demonstrated that parental care is associated with adolescent depression, the mechanisms behind this relationship are not fully understood. This study aims to explore the role of adolescent social trust and subjective well-being in the relationship between parental care and adolescent depression. The sample was adolescents aged 10 to 18 (<i>N</i> = 2,727; <i>M</i>_age = 13.62; 1,428 boys) from the 2020 China Family Panel Study (CFPS), a large-scale national survey in China collected through multi-stage probability proportional sampling. Multiple linear regression analysis and PROCESS macro were used for data analysis. Study results showed that parental care had a significant negative predictive effect on adolescent depression. The mediating role of social trust and subjective well-being in this negative association was significant. In addition, social trust and subjective well-being played a serial mediating role in the relationship between parental care and adolescent depression. Our findings revealed the underlying mechanisms of parental care and adolescent depression, suggesting the necessity to implement effective prevention and interventions for the healthy growth of adolescents.</p>