Objective To investigate the prevalence characteristics of psychotic-like experiences (PLE) in adolescents and to explore the mechanisms through which sleep quality, anxiety, and depression affect PLE, with a specific focus on testing the parallel mediating roles of anxiety and depression in the relationship between sleep quality and PLE. Methods Students from three grades of high schools in Zhongshan City of Guangdong Province were selected in May 2024. Assessments were conducted using the Community Assessment of Psychic Experiences, Pittsburgh Sleep Quality Index, Patient Health Questionnaire-9, and Generalized Anxiety Disorder-7. Parallel mediation analysis was performed using Structural Equation Modeling. Results A total of 4009 students were surveyed. Among them, there were 1963 male students and 2046 female students. The average age was (16.83±1.08) years old. PLE was widespread among adolescents and their distribution was significantly influenced by demographic characteristics and multi-dimensional risk factors. PLE was positively associated with sleep quality, anxiety, and depressive symptoms (P<0.01). The mediation model showed that sleep quality not only directly and positively predicted PLE (β=0.115, P<0.001), but also had a significant indirect impact on PLE through the mediating paths of anxiety (β=0.560, P<0.001) and depression (β=0.623, P<0.001). Both anxiety (β=0.359, P<0.001) and depression (β=0.277, P<0.001) could predict PLE, but the effect of anxiety was stronger. The effect decomposition indicated that the total indirect effect far exceeded the direct effect. Both the mediating paths of “sleep quality → anxiety → PLE” and “sleep quality → depression → PLE” were significant. Conclusions PLE among adolescents is influenced by multi-dimensional risk factors and is closely related to sleep and emotional problems. Sleep quality not only directly predicts PLE, but more importantly, indirectly affects PLE through the parallel mediating paths of anxiety and depression, with the “sleep quality → anxiety → PLE” path having a stronger effect. Measures such as improving sleep and anxiety can be selected as potential entry points to interrupt the development path of PLE, which is conducive to early identification and intervention of PLE in adolescents.