Recent research suggests that strength-based parenting—the tendency for parents to see and encourage children to use their strengths—relates to lower stress and higher life satisfaction in adolescents. The current study tests whether strength-based parenting, in conjunction with a teenager’s strengths use, influences the teenager’s subjective wellbeing, and whether a growth mindset moderates the relationship between strength-based parenting and strengths use. Three hundred and sixty three adolescents (Mage = 13.74, 51% female) completed questionnaire measures of strength-based parenting, strengths use, subjective wellbeing (life satisfaction, positive affect, and negative affect), Extraversion, Neuroticism, and two aspects of growth mindset. A hierarchical regression using latent variables found that strengths use and strength-based parenting were both significant independent predictors of subjective wellbeing, over and above the effects of extraversion and neuroticism. A mediation analysis found that strengths use partially mediated the relationship between strength-based parenting and subjective wellbeing. Finally, a novel measure of strengths mindset significantly moderated the relationship between strength-based parenting and strengths use. These results suggest that adolescents who see their parents as strength-based report greater strengths use (especially when they have a growth mindset about their strengths) and greater subjective wellbeing.