Objective: The purpose of this study is to evaluate the longitudinal relationships concerning a father’s feeling of happiness, a mother’s feeling of happiness, and a child’s feeling of happiness and self-esteem. Methods: Three years of longitudinal data was collected from the Panel Study on Korean Children. Data analysis was conducted with the autoregressive cross-lagged model, to identify the longitudinal interrelationship among the variables. Results: There was a static correlation among a father’s feeling of happiness and a mother’s feeling of happiness. Second, a mother’s feeling of happiness had a positive effect on a child’s feeling of happiness. Third, a mother’s feeling of happiness and a child’s feeling of self-esteem had a static interaction with each other, and a child’s feeling of self-esteem had a positive influence on a father’s feeling of cheerfulness and a mother’s feeling of contentment. Conclusions: These results suggest that a parent’s happiness can have a positive effect on forming a child’s happiness and self-esteem, given that a father’s cheerfulness and a mother’s contentment have a static interrelationship with each other.