This study analyzed the relationship between the types of parental involvement in homework, psychological resources, and academic achievement in Mexican elementary students. In total, 823 children participated, 51% were female, and 49% males. The age of participants ranged from 9 to 12 years old (M = 11.12, SD = 0.63). Structural equations were calculated. The first model indicated parental autonomy support had a direct positive relation with academic self-efficacy and self-regulated learning: it also had an indirect positive effect on academic achievement. On the other hand, parental control was directly and indirectly negatively related to academic self-efficacy, self-regulated learning, and academic achievement. The second model showed that children psychological resources and academic achievement influenced types of parental involvement in homework. A multi-group analysis indicated that gender did not moderate the proposed relations in the model. Overall findings suggest a reciprocal relationship between parental involvement in homework and children academic functioning.