This study aimed to investigate the effect of exchanges with aged persons on children. In all, 381 upper graders at an elementary school completed the questionnaires. The nature of an exchange with aged persons was measured by the interaction frequency and the diversity of interaction with the aged persons. The results indicated that the effect of the exchange with the aged person was determined by physical proximity, the attribution of the aged person, and the gender of the child. At the same time, these exchanges influenced the development of emotional responses, interpersonal perceptions, and behaviors. For example, the lengths of exchange and the diversity of conversations with aged persons affected the empathy of children, which in turn influenced their helpfulness toward the aged persons. It highlighted the efficacy of intergenerational exchange for children of the present generation who have no contact with aged persons in daily life.