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This study investigates the occupational aspirations and intergenerational mobility of migrant and urban-native adolescents in China, drawing on nationally representative data from the China Education Panel Survey (CEPS). Despite structural disadvantages, migrant youth exhibit higher rates of upward occupational aspiration than urban peers. Using OLS and multinomial logistic regression, we find that parental educational expectations and peer influence significantly shape occupational aspirations and mobility, with stronger effects among migrant children. These results reveal a “marginal compensation” mechanism and highlight the role of bounded agency in educational stratification. The study offers theoretical insights and policy recommendations for promoting equitable youth development in stratified societies.