This article focuses on midlife parental role satisfaction using date from a culturally diverse sample of 490 Metro Vancouver, British Columbia, Canada, parents. Results show that most parents are happy in their roles. Income satisfaction, intergenerational relationship quality, parents' main activity, health, age, ethnic background, and perceptions of how children “turn out,” however, influence their subjective levels of happiness. These findings are discussed in terms of practical implications for professionals interested in midlife parental health and well‐being.