As a significant group bridging the urban-rural gap, the human capital and social class mobility of small-town youth are not only reflections of individual development but also crucial indicators of social equity. Based on the latest CGSS2021 data, this study employs quantitative analysis to discover that from an intergenerational mobility perspective, the human capital of parents among small-town youth contributes to the accumulation of human capital in the next generation. It increases the likelihood of upward mobility and maintaining a stable level of human capital while reducing the probability of downward mobility. The social class of parents among small-town youth has a significantly positive influence on the accumulation of social class in the next generation. However, concerning class mobility, there‘s an apparent “regression” trend, meaning that a higher parental social class reduces the probability of upward social mobility for the next generation. From a spatial mobility perspective, the human capital and social class of parents among small-town youth increase the probability of their movement from small towns to cities in spatial terms. As China transforms from a populous nation to a strong human capital-oriented country, this research provides empirical policy guidance for the government’s efforts in promoting youth development in the context of small towns.