The current study examined the associations among cumulative risk, psychological capital and adolescents’ anxiety/depression and life satisfaction. Chinese adolescents (N = 1473, grades 7 to 12, ages 12 to 18, 52.1% female) completed self-report cumulative risk, psychological capital, anxiety/depressive symptoms and life satisfaction questionnaires. Cumulative risk was associated with anxiety/depression and life satisfaction. Psychological capital demonstrated a compensatory effect on youth adjustment. Furthermore, a cost of resilience was o...