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We investigated whether and how perceived parental academic pressure would predict the different types of cost and subsequently lead to different levels of school burnout and academic achievement. Results based on a group of 616 Chinese adolescent students revealed that parental academic pressure as an important contextual factor positively predicted cost perceptions and academic outcomes. Different types of cost demonstrated differential mediating pathways. Specifically, emotional and opportunity costs mediated the predictive paths from parental academic pressure to school burnout. Emotional, effort, and ego costs mediated the relationship between parental academic pressure and achievement. The findings of the present study highlight the importance of recognizing contextual factors and multidimensionality of cost when predicting students’ academic outcomes.