This article aims to discuss children’s and young people’s health literacy by elaborating and exploring childhood and youth as life phases with unique characteristics from multidisciplinary perspectives. The unique particularities of children and young people relevant for health literacy include their disease and health-risk profiles, their vulnerability to demographic factors, their social role and status, and their right to participation. Inter- and intra-generational relationships and an unequal distribution of power can either promote or hinder children and young people’s health literacy development and their opportunities for participating in health-related decision making.