This study compared discrepancies between children's academic and social self-perceptions and parents' and teachers' perceptions of children's academic and social competence among 89 first-grade children: 45 children at risk for learning disabilities (RLD) and 44 of typically developing peers (TD). The relationship between self-perceptions among the two groups of children and their significant adults' perceptions were compared. The children with RLD reported lower academic self-perception, but did not report lower social self-concept. The discrepancies between students', parents' and teachers' perceptions of students' academic and social competence were found only for the RLD group. Parents and teachers rated children with RLD as demonstrating lower levels of academic competence. Only teachers rated children with RLD as demonstrating lower levels of social competence. No significant differences were found among children and their significant adults for the comparison group. A serial-multiple mediation analysis presented the relationship model and emphasized the critical mediating role of teachers and parents in predicting children's academic self-concept. The educational implications of the results call for sensitizing teachers and parents to their perceptions, and to develop empowering intervention with a focused awareness to the impact of their perceptions.