We examine the relationship between non-arm's-length transfer pricing (NTP) and related-party transactions (RPTs) by using a sample of 23,837 firm-year observations from listed firms in China from 2006 to 2018. We reveal that NTP is significantly and positively correlated with purchase RPTs and negatively correlated with nonoperating RPTs but not correlated with contingent RPTs. Moreover, we demonstrate that foreign shareholding mitigates the effect of NTP on complex RPTs, sales RPTs, and purchase RPTs. Finally, we divide listed enterprises into state-owned enterprises (SOEs) and privately owned enterprises. The empirical results indicate that SOEs conduct more RPTs than privately owned enterprises.