This paper uncovers how financial literacy affects college students’ conspicuous consumption and investigates the mediating effect of self-control and the moderating effect of childhood socioeconomic status (SES) [Socioeconomic status is referred as SES hereafter]. Drawing upon a survey of 4,899 Chinese college students, the findings are as follows: (1) financial literacy negatively affects College students’ conspicuous consumption; (2) Self-control partially mediates the relationship between financial literacy and conspicuous consumption; (3) Childhood SES moderates the relationship between financial literacy and self-control, such that the relationship is strengthened when childhood SES is higher; (4) The childhood SES further moderates the indirect effect of college students financial literacy on conspicuous consumption through self-control, which suggests financial literacy affect conspicuous consumption strengthens through self-control for high childhood SES (vs. low childhood SES).