China has recently implemented strategies to actively address population ageing and healthy China. Understanding the influence of adverse experiences on older adults’ health helps improve the lifelong health service policy. Using data from the China Longitudinal Ageing Social Survey (CLASS) conducted in 2018 and 2020, this study analyzes the impact of adverse childhood experiences on older adults’ health and the mediating effect of individuals’ years of education, health behaviors, and budget constraints. Results show that adverse childhood experiences negatively affect older adults’ health indirectly through education or budget constraints. Further analysis shows that positive current experiences benefit older adults’ self-rated health and activities of daily living, while adverse current experiences have negative impacts on multiple dimensions of health. Adverse childhood experiences moderate the impact of adverse current experiences. In contrast to those without adverse childhood experiences, adverse current experiences have smaller negative effects on the self-rated health and chronic diseases of those who have experienced adverse childhood experiences.