"Deficit remediation" as an educational governance paradigm has given rise to many problems, whereas principal positive leadership under the "strengths development" paradigm has the potential to give new impetus to school development. Based on large-scale survey data within a provincial region, this study investigates how the school context and principal positive leadership impact student academic achievement using structural equation models. Research findings show that principal positive leadership as a structural latent variable has positive impacts on student academic performance and significantly mediates the effects of the school context on student academic results; and that the patterns of the impacts of principal positive leadership differ according to the variations of the school's autonomy in operation.