Family socioeconomic status (SES) is a primary factor influencing academic achievement, particularly in mathematics, which is a crucial component of basic education. Mathematics education is widely acknowledged as a culturally specific social activity. China, a developing country with rich history and distinct culture, hosts the world’s largest population of teachers and students. Given this specific cultural and social context, exploring the relationship between SES and mathematics achievement in China is highly meaningful—especially considering the evolving dynamics of this relationship amidst societal advancements in recent years. This paper reviews quantitative studies regarding the impact of SES on mathematics achievement, discussing their findings within the context of the significant societal changes across China during the early twenty-first century. Implications for future educational research and practices are also discussed.