This study investigates how objective and subjective deprivation affect the health-related quality of life (HRQoL) of Chinese adolescents, and examines how hope moderates this influencing mechanism. A multi-stage cluster random sampling method is used to recruit 1280 adolescents from junior and senior high schools in Hebei Province, China. The moderated mediation model is validated using PROCESS macro for SPSS. Results show that objective deprivation increases subjective deprivation, which in turn, reduces adolescent HRQoL. The negative effect of objective deprivation on HRQoL is only significant for adolescents with low hope, whereas the negative effect of subjective deprivation on HRQoL is only significant for adolescents with high hope. In conclusion, hope plays significant but different moderating roles in the links of HRQoL with objective and subjective deprivation. Practical implications are also provided for social policy and interventions.