The purpose of this study was to analyze the relation between two dimensions of parenting (Positive Parenting and Negative Behavioral Control) and child psychosocial functioning, such as self-worth and problem behavior. We investigated (a) whether socioeconomic status moderates the relationship between parenting and child psychosocial outcomes, (b) whether parenting mediates the relation between socioeconomic status and psychosocial functioning in a Peruvian context and finally, (c) whether there are interaction effects between positive parenting and negative behavioral control. Information was gathered on 591 Peruvian children and their families from the normal population in urban zones of Metropolitan Lima. Hierarchical multiple regression analyses were conducted to investigate direct and indirect effects (mediation and moderation). Results revealed a significant mediation effect of positive parenting and negative behavioral control in the relationship between socioeconomic status and self-worth. Implications about the role played by context are discussed.