Abstract With the rapid development of social economy, the environment of children changes a lot, which brings about great pressure to children sleep quality. Sleep quality is one of the important factors which can affect depression and self-esteem. Good sleep quality is associated with higher learning motivation and better school performance. Relevant empirical studies have proved that sleep quality can effectively predict students' academic performance. Since sleep quality is an essential factor for children, it is of great importance to pay more research attention on children sleep quality. Parenting style may be an essential factor affecting children's sleep quality. Parents are increasingly inclined to use material things to shape their children’s behaviors and express their love, which is defined as material parenting. Material punishments involve taking a valued possession from the child, either temporarily or permanently, as a consequence for a misdeed or failure. The material parenting has three components: Conditional material rewards, unconditional material rewards and material punishments, each of which may influence the values a child acquires. Material punishments involve taking a valued possession from the child, either temporarily or permanently, as a consequence for a misdeed or failure. The negative impact of material punishment on children has been confirmed by many studies. And material punishments may be an essential stress for children. It is difficult for children to avoid such pressure through their own adjustment and efforts. Moreover, as a daily stress event accumulated over a long period of time, the negative effect of material punishments may be far more than a single negative life event. Researchers revealed that stress can reduce the individual's sleep quality . So material punishments may do harm to children’s sleep quality. Few research, however, has investigated the underlying mediating mechanism (i.e. how material punishments influence sleep quality) and moderating mechanism (i.e. when material punishments influence sleep quality) in the association between parental material punishments and children sleep quality. Thus, the presesnt study would examine the mediating role of children’s subjective well-being in the relationship between material punishments and sleep quality, and test whether the indirect effect would be moderated by friendship quality of children. A sample of 438 primary school students completed a battery of self–report questionnaires measuring material punishments, sleep quality, subjective well–being , friendship quality. All the measures showed good reliability and validity in the present study. Data were analyzed using SPSS 22.0 and the SPSS macro PROCESS which was specifically developed for assessing the complex models including both mediators and moderators. The results indicated:(1) After controlling for gender, grade and FAS, material punishments significantly exerted direct effect on sleep quality and indirect on sleep quality through the mediation of subjective well–being. (2) The indirect effect on sleep quality was moderated by friendship quality with the indirect effect being more potent in children with low friendship quality than in children with high friendship quality. These findings highlight the mediating role of subjective well-being and the moderating role of friendship quality in the effect of material punishments on subjective well–being. It may contribute to a better understanding of the effect of material punishments. Moreover, it can also provide constructive suggestions for protecting and improve subjective well-being and sleep quality of children. Key words material punishments, sleep quality, subjective well–being, friendship quality