Peer relationships play an important role in the growth of children. This study offers insights about feelings of fear and inferiority in children’s peer relationships. Based on a national survey, the 2018 Construction for Social Policy Support System for Urban and Rural Poor Families in China, initiated by the Ministry of Civil Affairs, and using multiple regression models and a structural equation model, this study discusses whether and how having a rural household registration or being from a poor (dibao) family has an isolation effect on fear and inferiority in children’s peer relationships. The research findings indicate that children with a rural household registration or those from a dibao family are at a disadvantage in peer interactions. Moreover, rural resident identity has an indirect effect on children’s fear of peers and inferiority, mainly through psychological resilience, anxiety and depression, and mobile phone dependence. Being from a dibao family directly influences children’s fear and inferiority in their peer relationships; it also indirectly influences fear of peers and inferiority through psychological resilience. This study suggests that more attention should be paid to fear of peers and inferiority in rural children or children from a dibao family.