Social robots are increasingly ubiquitous in children’s lives, prompting questions regarding the promise and implications for children’s development. Social robots can be effective and helpful technological tools. Social robots are effective in supporting children’s learning in some domains, supporting better learning outcomes than with virtual agents and comparable to human tutors when tasks are simple and social. They also support the unique and individual needs of children with a range of special needs (e.g., autism spectrum disorder, hearing impairment) and promote children’s mental well-being and physical health. Yet social robots pose conceptual and ethical challenges in that they often present as if they have psychological and social characteristics. Consequently, children often understand social robots as mental, social, and moral entities, albeit to varying degrees depending upon children’s ages and robots’ features. Moreover, children treat robots in prosocial ways (e.g., helping, sharing) and believe robots deserve moral treatment. Yet, at the same time, some children deliberately abuse robots. Future research is needed to address critical questions and guide recommendations for the promise and limitations of social robots in children’s lives.