The command to honor parents applies to all of us all our lives. But here, as in Colossians 3:20, children should obey their parents in all things "in the Lord."
The apostle is not saying a child must break the Ten Commandments if a parent orders him to so. Children should obey "in the Lord," that is, obey commands that agree with the will of God. Most younger children cannot grasp whether a parental order conforms to God's will. But as they age, they need to understand that they, too, are under the authority of the living Christ.
Though parents have a huge part in starting children off on the right foot regarding this commandment, the greater responsibility for keeping it rests with the child. At some point, children need to realize that their submission to parents is an act of faith in Christ. Their required obedience is not based on any arbitrary power held by parents but on a higher law to which parents are also subject. Parents have a primary responsibility to teach their children to discipline, govern, or control themselves under God's law. Children must learn that they cannot always do what they want when they want, or have what they want when they want it.
Keeping this commandment brings great benefits, as Paul reminds us in Ephesians 6:2, "which is the first commandment with promise." The promise of blessing for keeping it is written right into the commandment! God promises, "That it may be well with you and you may live long on the earth."
This blessing has at least two parts. Obedience to parental admonitions, gained from years of experience living in this difficult and dangerous world, results in the building of knowledge, character, and habits of avoiding recklessness, lawlessness, violence, wrong companionships, and rebellion against authority. These often result in untimely and violent death at a young age. Virtually every year this comes to the fore when statistics show that accidents are our children's number one killer.
The second and ultimate meaning is that, in honoring our spiritual Father, God, we receive spiritual blessings far above long physical life. From the loving relationship between God and his child will arise eternal life, which God will give as a gift to a son who pleases Him.