The Law of the People’s Republic of China on Family Education Promotion explicitly requires both parents to engage in their children’s education, but so far there has not been sufficient empirical research on the division of labor in parenting in China. This study, based on questionnaire survey data, is an in-depth investigation of the current situation of the division of labor in parenting, differences in parental status in the family, and the influence of these factors on adolescent development in China. Our findings show that 1) The main pattern of the division of labor in parenting in China is one of intensive maternal parenting with no paternal educational input, followed by a pattern of low participation by both parents. The least common is a pattern of high participation by both parents. 2) The patterns of division of labor in parenting are significantly related to differences in parental status. A family in which the father is highly educated or has a higher level of education than the mother is more likely to evince the pattern of a high level of joint participation by both parents. 3) The division of labor in parenting does not significantly affect the academic performance of adolescents, but has a significant impact upon their mental health and noncognitive abilities. In terms of mental health, strong two-parent participation and intensive maternal parenting with no paternal input are more effective than a low level of participation by both parents. This indicates that a high level of participation by either parent improves children’s mental health. In terms of non-cognitive abilities, we found that a high level of joint two-parent participation is more effective than either the pattern of intensive maternal parenting with no paternal educational participation or the pattern of low participation by both parents. The indicates that a father’s active role in developing children’s non-cognitive abilities cannot be replaced by the mother. 4) A father’s contribution in any dimension of parenting can have positive effects on children’s mental health and non-cognitive abilities, while a mother can only help with children’s mental health and non-cognitive abilities by means of her investment in emotional support and assistance in daily living. The above conclusions indicate that the paternal role is crucial and that greater participation by both parents is highly significant for full adolescent development.