Background <p>Research has shown that parental educational expectations, self-efficacy, and learning engagement play a crucial role in influencing students’ subjective well-being. However, the specific mechanisms through which parental educational expectations impact adolescents’ subjective well-being via self-efficacy and learning engagement are not well understood.</p> Methods <p>This study investigates the influence of parental educational expectations on adolescents’ subjective well-being, with self-efficacy and learning engagement as mediating variables. In April 2024, a sample of 1170 adolescents was selected from four middle schools in Shandong Province, with a mean age of 13.91 years (SD = 0.777). Data analysis was conducted using structural equation modeling (SEM) in AMOS 24.0 and SPSS 24.0.</p> Results <p>The study revealed the following key findings: (1) Parental educational expectations were significantly and positively correlated with adolescents’ subjective well-being; (2) Self-efficacy mediated the relationship between parental educational expectations and adolescents’ subjective well-being; (3) Learning engagement also mediated the relationship between parental educational expectations and adolescents’ subjective well-being; (4) Self-efficacy and learning engagement jointly operated as serial mediators between parental educational expectations and adolescents’ subjective well-being.</p> Conclusion <p>These findings provide valuable insights into the factors that influence adolescents’ subjective well-being and identify potential pathways for enhancement. They carry significant theoretical and practical implications for understanding and improving the well-being of adolescents.</p>