<p>Extensive evidence has suggested that family economic hardship is positively associated with child depressive symptoms. However, studies have rarely examined children’s perceptions of their multidimensional material deprivation as an indicator of depression, and the mechanisms linking child poverty to depressive symptoms need further investigation. This study drew on the Family Stress Model to examine the mechanism that links child poverty and depressive symptoms. We conducted a cross-sectional study with 1,447 junior secondary school students (47.3% girls; mean age = 14.15 years) living in rural China and performed descriptive and serial mediation analyses. Results of the descriptive analysis showed that more than 60% of the surveyed children reported having experienced at least one form of maltreatment by their caregiver(s) in the previous year. The regression analyses results showed a positive association between the children’s material deprivation and their depressive symptoms, with psychological aggression (<i>b</i> = 0.296, <i>SE</i> = 0.07), corporal punishment (<i>b</i> = 0.219, <i>SE</i> = 0.078), physical abuse (<i>b</i> = 0.24, <i>SE</i> = 0.08), and child neglect (<i>b</i> = 0.34, <i>SE</i> = 0.084) all significantly mediating the association. Furthermore, significant serial mediation effects of child maltreatment (psychological aggression, corporal punishment, and child neglect) and problematic smartphone use were identified in the relationship between the children’s material deprivation and their depression (<i>b</i> ranges between 0.02 and 0.027). This study highlights the importance of addressing multidimensional material deprivation in China’s post-poverty-alleviation campaign, to counter the negative adverse effects of that deprivation on children’s mental health. In addition, it is important to provide services to reduce child maltreatment and problematic smartphone use among families who are encountering economic hardships.</p>