Previous studies have shown that individuals’ class positions are more strongly related to economic security, prospects, and life chances than status positions, whereas individuals’ status positions are more strongly related to cultural consumption than class positions. This paper addresses whether class and status are associated with life chances and life choices after controlling for unobserved heterogeneity by using data from longitudinal surveys started in 2007 in Japan. The result indicates that class is associated with economic security and income more strongly than status, even after controlling for the unobserved heterogeneity. Status positions are associated with cultural consumption and health-related behaviors. However, after controlling for the unobserved stable characteristics, the associations with cultural consumption disappeared, but those with health-related behaviors remained.