Purpose: Filial piety and family-centered concepts were previously the core of Taiwanese culture. However, the meaning and effects of these traditional concepts may have changed with the dramatic social evolution in Taiwan. The purpose of this study is to examine the effects of social exchanges, filial piety and adult children’s concept of family on the health and wellbeing of their parents. Methods: Panel data were obtained from the “Panel Study of Family Dynamics,” years 2005 to 2011. The sample comprised parents and their adult children who participated in the survey from 2005 to 2011. In total, 208 people and 1,336 observations were included for analysis. Factor analysis and generalized linear modeling with repeated measurements were applied. Results: The parent-child relationship predicted self-rated health for both fathers and mothers and predicted the life satisfaction of mothers. Filial piety was positively related to the self-rated health of mothers but was negatively related to the self-rate health of fathers. Other dimensions of filial piety and family concepts were not significant. Discussion: The parent-child relationship probably matters more than filial piety in the health and wellbeing of Taiwanese middle-aged and young adults. Such reciprocal harmonious relationships need the investment of time and an empathic perspective of the other’s needs from both parents and adult children. A new paradigm of filial piety or the parent-child relationship is evolving.