The purposes of this study were to analyze the self-regulated writing process of fifth grade students when writing narratives in Chinese. The researcher utilized a qualitative approach with techniques such as participant observation, interviewing, thinking-aloud writing, and questionnaires to collect the data. It was found when fifth grade children were writing narratives, long-term memory, working memory, and short-term memory were all involved in the self-regulated writing process. It was necessary to extend the components of translating to text generation, transcription, on-line planning, on-line evaluating, on-line revising, and reading text while translating. In addition, the components of post-translating should be extended to reading, evaluating, and revising. The motivation of children would force them to set goals, self-instruct, self-evaluate, and write and revise texts; in addition, children would take actions actively to regulate the conditions of psychological, physical, and social environment. Children who could write high quality articles had more declarative knowledge and procedural knowledge about writing, and a higher command of metacognition, planning, reading, and revising repeatedly while writing.