An increasing body of evidence indicates that owning a pet dog is associated with improvements in child health and well-being. Importantly, the degree of the social bond between child and dog may mediate the beneficial outcomes of dog ownership. The formation of social bonds is an intrinsically dyadic, interactive process where each interactor's behavior influences the other's behavior. For this reason, it is critical to evaluate the biological mechanisms of attachment in both children and their pet dogs as a socially bonded pair. Here, we review the physical, mental, and emotional outcomes that are associated with pet dog ownership or interaction in children. We then discuss the evidence that suggests that the strength of a social bond between a child and their pet dog matters for maximizing the beneficial outcomes associated with pet dog ownership, such as possible stress-buffering effects. We review the existing literature on the neural and endocrinological mechanisms of social attachment for inter-species social bonds that form between human children and dogs, situating this emerging knowledge within the context of the mechanisms of intra-species bonds in mammals. Finally, we highlight the remaining open questions and point toward directions for future research.