The purpose of this study was to examine the impact of parentification on depression and anxiety, and to investigate the mediating effects (if any) of covert narcissism on parentification and depression in terms of relationships. The subjects in this study were 503 students from middle schools and high schools. The level of parentification was measured by means of the FRS-A Child depression Inventory (CDI), the Measurement of Social Evaluation Anxiety and Covert Narcissism Scale. In addition, Frequency, percentage, Cronbach α correlations, and multiple regression analyses were conducted. The results of this study were as follows. Firstly, the effects of unfairness, a sub-variable of parentification, of hypersensitivity, timidity, and goal-instability, sub-variables of covert narcissismwere found to be significant. High levels of unfairness leads to covert narcissism. Secondly, parentification and narcissism had positively significant effects upon self-abasement, sense of helplessness, interpersonal problems, and depressive emotion, sub-variables of depression. Thirdly, covert narcissism partly mediated the relationship between unfairness and depression. Especially in terms of hypersensitivity, goal-instability, timidity, self-centeredness, all had mediating effects .Fourthly, timidity, a sub-variable of parentification, partly mediated the relationship between emotional caregiving of parentification and anxiety.