The suspect, surnamed Wang, 31, a native of Shanghai, murdered his parents at their residence and then set the bodies on fire on Sunday, the Shanghai Daily reported.
He later attempted to kill himself with a knife but did not succeed, the report said.
Police found the bodies lying in the house, while Wang was found with injuries lying in the balcony.
Wang has admitted to the crime, the report added.
Police said Wang's parents were killed by a blunt weapon after a family dispute.