Subjective social status (SSS) is a salient determinant of health; however, there is little research on SSS-related group differences on psychosocial outcomes among children. Using a series of regression models we examined the associations between SSS and measures of hostility and depressive symptom severity in groups of Black and White children, while controlling for objective markers of family- and neighborhood-level socioeconomic status. Participants were 291 school-age children in Syracuse, NY. We found that among Black children, SSS was negatively associated with hostility scores, but not depressive symptom severity. Conversely, among White children, SSS was negatively associated with depressive symptom severity, but not hostility. These racial differences found in SSS-associated psychosocial functioning could be explained by race-based differences in attributions of social mobility and socioeconomic inequalities.