Parental investment is widely recognized as a beneficial factor for adolescent development; however, the specific impact on behavioral problems and the underlying mechanisms remain understudied. Addressing this research gap, the present study investigates the effects of two types of parental investment, material and time, on adolescent behavioral problem, while also examining the mediating effects of emotional and cognitive engagement. The study utilizes a sample of 8,283 junior high school students from the China Education Panel Survey (CEPS) 2014–2015. The findings reveal several key insights: (1) both material and time investment are associated with reduced behavioral problem among adolescents; (2) the relationship between parental investment and behavioral problem is mediated by emotional and cognitive engagement; and (3) time investment has a stronger impact on reducing behavioral problem compared to material investment. These findings make significant contributions to our understanding of how parental investment shapes adolescent behavioral problem. Moreover, they hold practical implications for policy design and intervention strategies aimed at promoting positive adolescent development and addressing behavioral problem.