Young peoples' perceptions of the costs and rewards related to diabetes may influence their understanding of, attitude toward, and adherence to positive diabetes-related behaviors. This qualitative descriptive research explores children's beliefs about the costs and rewards of Type 1 diabetes and its treatment via semistructured interviews. Children with diabetes attending a day camp comprised a purposive sample. These children were questioned using a researcher-developed interview guide. The results provide important insights into the perceptions of children and young adolescents with diabetes that may inform initiatives designed to foster positive diabetes-related behaviors.