Based on expectancy-value theory, this longitudinal study was designed to test the relations between two achievement task values (i.e., attainment value and utility value) as well as their respective influences on academic achievement and depressive symptoms. This study incorporated a sample of 897 (M[subscript age] = 10.36 years, 55.8% male) and a cross-validation sample of 821 (M[subscript age] = 10.42 years, 55.2% male) Chinese elementary school students from Grade 4. The students completed measures of achievement task values and depressive symptoms (parent reports) in the middle of two consecutive semesters and their academic achievement levels were assessed at the end of each semester. The results of cross-lagged analyses showed that: (1) attainment value reciprocally and positively related to utility value; (2) baseline attainment value positively related to later academic achievement and negatively related to later depressive symptoms after controlling for baseline utility value; and (3) baseline academic achievement positively related to later attainment value and utility value. Furthermore, latent profile analyses revealed: (1) four achievement task values profiles (i.e., high, medium, low achievement task values, and high attainment value and low utility value) in both samples; and (2) the profiles were differentially related to subsequent academic achievement and depressive symptoms. Theoretically, the findings of reciprocal relations between achievement task values and their relations with the academic and mental health outcomes refine and extend the scope of expectancy-value theory. Practically, intervention strategies may be most effective by focusing on the synergistic development of high attainment value and utility value in promoting positive developmental outcomes in early adolescents.