Adopting a parent-child dyadic design, the present study examined possible differences on psychological traditionality, modernity, traditional filial piety and neo-filial piety between parents and children. Furthermore, we explored the adaptational values of these important psychological attitudes for the contemporary Taiwanese people. Using structured questionnaires, we surveyed 670 college students and their parents from all over Taiwan. Among them 281 parent-child dyads were paired and their data were the main source for further statistical analyses reported in the paper. There were three main findings: (1) within the parent-child dyads, parents scored higher on psychological traditionality than their children, whereas children scored higher on psychological modernity than their parents; (2) within the parent-child dyads, parents and their children were no different on scores of either traditional filial piety or neo-filial piety. Furthermore, traditional and neo-filial piety were shown to be a well-integrated conception; (3) within the parent-child dyads, neither parties' psychological traditionality or modernity could predict subjective well-being (SWB). However, children’s SWB was predicted by their own filial piety and the parents’ expectations of their filial piety, whereas parents’ SWB was predicted solely by their children’s committed filial piety. The above results had meaningful implications for the study psychological transformation involving traditionality, modernity, and filial piety. These results also help to shed light on understanding people's adaptation in the face of rapid social changes.