The agreement between parents’ and children’s reports of children’s mental health problems has generally been reported to be low to medium. The aim of this study was to examine the patterns of agreement between parents’ and children’s reports of risk for psychopathology in children in a community sample of Croatian 5th through 8th graders and their parents. A total of 250 parent–child dyads participated in the study. Parents completed the Psychiatric Symptoms Checklist (PSC-35) to report their children’s symptoms and the Parental Stress Inventory and Mental Health Inventory (MHI-38) to assess their own stress and mental health. The children completed a youth self-reported form of the PSC-35. The agreement between parents’ and children’s reports of risk for psychopathology was modest, and patterns of agreement showed that 70.8% of parents and children agreed that children did not have clinically significant levels of symptoms. 12% of parents reported that their children had a clinically significant risk, while their children did not, and in 13.2% of the parent–child dyads, only children reported having a clinically significant risk. Only 10% of parents and children agreed that children were at a significant risk for psychopathology. Furthermore, parents in the “parent only” group reported more parental stress, depression, loss of behavioral/emotional control, overall psychological distress and poorer overall mental health than did parents in the “child only” and “neither” groups. The results of the study emphasize the importance of including both parents’ and children’s reports in screening for risk for psychopathology, as well as taking into account parents’ emotional problems.