The time with parents is a crucial factor in the growth of children, and children’s well-being is an important indicator of their mental health. To promote the improvement of children's well-being, relying on data from the 2017 China Time Use Survey（CTUS）, this study explores the relationship between parental time and children's well-being and specific influencing factors. The results show that the more time parents spend with children, the higher their children’s well-being. Regarding the types of companionship, the life and leisure time parents spend with children promotes children's well-being. Regarding parent s’ role division, the life and leisure time mother spend with children,and the life and leisure time and educational interactions time father spend with children positively affect children’s well-being. The influence of the time parents spend with children on children’s well-being is heterogeneous based on children’s academic performance. Therefore, family education and guidance services and mental health services should be strengthened, and it is necessary to improve the time spend with children, pay attention to individual diffrences in children.