Despite an extensive literature on the psychological rewards to marriage and children in high- income countries, research on these relationships in low-income countries remains limited. This paper draws on data from 2,926 adults interviewed in the Malawi Longitudinal Study of Families and Health to examine how marital status, categorized as never, formerly, monogamously, and polygynous married, and number of children is associated with psychological well-being. With respect to marital status, we find that women in polygynous unions fare worse than monogamously married women and this detrimental effect is stronger for women than for men. Formerly married men and women of reproductive age experience the worst psychological outcomes, although this association wanes with age. In contrast, the benefits of having children is only evident among older Malawians, especially women. These findings offer novel insights into the patterns of nearly universal marriage and high fertility that characterizes Malawi and much of sub-Saharan Africa.