Objective The main purpose of this study was to examine the effects of economic deprivation on adolescentsâ happiness and the mediating effects of family conflict on adolescentsâ depression and anxiety. Methods Data from the 7th wave of Korea Welfare Panel Study (KWPS) and child supplementary study were used. A total of 512 adolescents and their households were included. Data were analyzed by path analysis using AMOS 21.0. Results First, economic deprivation were positively related to family conflict, and family conflict was positively related to adolescentsâ depression and anxiety, whereas economic deprivation, family conflict and adolescentsâ depression/anxiety were negatively associated with adolescentsâ happiness. Second, economic deprivation had a direct effect on adolescentsâ happiness. Third, family conflict played a mediating role in the relationship between economic deprivation and adolescentsâ happiness. Finally, both family conflict and adolescentsâ depression/anxiety played a mediating role in the relationship between economic deprivation and adolescentsâ happiness. Conclusion Results of this study indicate that economic deprivation, family conflict, and adolescentsâ depression/anxiety are important factors lowering adolescentsâ happiness. These findings also suggest that for promoting adolescentsâ happiness, it is necessary to provide not only support policies focusing on economic deprivation but also intervention programs to strengthen relationships within family members and prevent adolescentsâ depression/anxiety, creating a happier life for them. Keywords: economic deprivation, family conflict, depression/anxiety, happiness, adolescent