By using a two-year longitudinal design, the current study recruited 199 preschoolers and their parents in Beijing to examine the effects of parental internalizing symptoms (T1) on children’s internalizing and externalizing problem behavior and social competence (T3), and further explore whether executive function (EF, T2) may act as the mediator. The results showed that maternal internalizing symptoms and paternal internalizing symptoms at T1 separately had significant direct predictive effect on children’s internalizing and externalizing problem behavior but not on social competence at T3 after controlling family socioeconomic status. Further analysis indicated that children’s inhibitory self-control at T2 mediated the association between maternal and paternal internalizing symptoms at T1 and children’s externalizing problem behavior at T3, and metacognition at T2 could mediate the influence of maternal internalizing symptoms at T1 on children’s internalizing problem behavior, externalizing problem behavior and social competence at T3. These findings to some extent highlight the importance of including both parents and exploring mother-father differences in effective interventions aiming to promoting child development. Metacognition and self-control skill training would be helpful to reduce children’s problem behavior or to improve their social competence.