The trajectory of modern China, namely from dire poverty and communist fever to economic boom and marketisation under an authoritarian regime, makes the country a unique social laboratory for examining how social environment affects human development of individuals. This study investigated the correlation between childhood adversity and depressive symptoms of Chinese middle-aged and older adults, as well as how urbanisation moderates the correlation. A sub-sample (N = 14,681) of the baseline of the China Health and Retirement Longitudinal Study was analysed. Seven variables were used in the latent class analysis to establish a childhood adversity typology. Three urbanisation statuses were identified according to the Hukou(household registration system) status and neighbourhood type: non-urbanised, semi-urbanised and fully urbanised. The correlation between childhood adversity and depressive symptoms and the moderation of urbanization on the correlation were assessed with factorial analysis of covariance. Three latent classes for childhood adversities were identified: ‘normal childhood class', ‘low childhood socio-economic status and health class' and ‘traumatic childhood class'. The class membership was significantly correlated with depressive symptoms (p = 0.015), and the urbanisation status, also significantly affecting depressive symptoms (p = 0.05), had significant moderating effect on the correlation (p = 0.002). It is suggested that more social inclusive policies need to be adopted in order to guarantee the equal distribution of wellbeing led by urbanisation.