(1) Background: The small yellow croaker, an economically important fish in East Asia, has been subjected to population declines due to overfishing and environmental pressures. The development of effective breeding programs is considered crucial for the species, and accurate parentage assignment is deemed essential for such programs. (2) Methods: The assembled reference genome of the small yellow croaker was utilized to select highly polymorphic microsatellite markers. A multiplex PCR system was optimized for the simultaneous amplification of these markers. The system's accuracy was validated using controlled mating pairs and subsequently applied to a group mating scenario. (3) Results: The developed multiplex PCR system demonstrated high accuracy in assigning offspring to their parents in both the controlled and group mating scenarios. (4) Conclusions: The system is presented as a valuable tool for pedigree management, selective breeding, and conservation efforts for the small yellow croaker, facilitating sustainable aquaculture practices and genetic improvement.