Asymmetries in social status, specifically social status related to wealth and relational power, appear to influence the ways in which children allocate resources. However, the impact of wealth and relational power status on children’s resource allocation decisions has yet to be examined among children developing within a Chinese cultural context. In addition, how children weight the relative importance of these factors when they exist concurrently is not well understood. In Study 1, we examined the impact of recipients’ wealth and relational power status on Chinese children’s (3- to 8-year-olds; N = 199) allocation decisions. We found that across both categories of social status, 3- and 4-year-olds gave more to high-status individuals, whereas 7- and 8-year-olds gave more to low-status individuals, despite younger children also showing a strong egalitarian preference when the resources could be allocated equally. In Study 2, we investigated how children (3- to 8-year-olds; N = 219) weigh the relative importance of these two types of social status in situations where the level of recipients’ wealth and relational power were either consistent or in conflict. When they needed to allocate the resources unequally, the youngest children were found to place greater emphasis on wealth over relational power and favored the high-status individual, whereas older children tended to favor the low-status individual and placed greater importance on relational power over wealth. Overall, we found a consistent age-related shift from favoring high-status individuals toward compensating low-status individuals, suggesting a developing concern for social equity.