Abstract: The preceding researches on the factors impacting on children’s peer relationship show a general tendency of elementalism. In order to study the factors systematically, we selected 4 questionnaires and 6 measurable variables on the basis of prevenient researches, and adopted 478 available questionnaires from elementary school children from the forth grade to the sixth. The results indicate that, the first factor impacting on peer relationship is school-label, the sequent variable is competence trait and anxiety, the above three factors’ cumulative percentage of variance to the model is 74.887%. Confirmatory factor analysis shows the model has a good model fit and all regression weights are significant. The three latent variables can explain the variance of ZLM (Z score of Like Most) by 62.2%, and explain the variance of ZLL (Z score of Like Least) by 47.4%. The model has a good forecasting effect. School-label takes on a most powerful forecasting effect among three latent variables.