PurposeRecent studies have highlighted the importance of peer relationships on the physical and mental health of late school-age children. However, little is known about the causal relationships whereby peer relationships affect health problems. This study aimed to examine the specific associations between physical symptoms and depression and their influential factors, including the quality of peer relationships. Additionally, the causal relationships were examined, focusing on the mediating role of the quality of peer relationships. Design and MethodsA cross-sectional study design was employed with 302 elementary students in grades four and five. Perceived socioeconomic status, the quality of peer relationships, family functioning, physical symptoms, and depression symptoms were measured with self-report questionnaires. Data were analyzed with descriptive statistics, t-tests, ANOVA, Pearson's correlations, and multiple regression. ResultsThe number of reported physical symptoms had a significant negative correlation with peer relationships (r = −0.517, p < 0.001) and family functioning (r = −0.279, p < 0.001). Depression was significantly negatively correlated with the quality of peer relationships (r = −0.775, p < 0.001) and family functioning (r = −0.428, p < 0.001). Peer relationships mediated the link between family functioning and physical symptoms. Peer relationships also mediated the relationship between family functioning and depression. ConclusionsPeer relationships significantly influenced the physical and mental health of late school-age children in Korea. Practice ImplicationsNursing intervention programs for improving peer relationships among children may be necessary to achieve their optimal health status.