Mental health caregivers experience a range of practical and emotional challenges. The Power Threat Meaning Framework is a recently articulated alternative framework for identifying patterns in distress. This qualitative study explores mental health caregivers’ experiences of power, threat, threat response, and meaning. Ten Australian mental health caregivers participated in semistructured interviews with data analysed using thematic analysis. Participants described positive and negative experiences of power in the form of institutional barriers, empowerment through advocacy, power dynamics, and power through nurturing. The mental health of the care receiver presented as a threat to caregiver’s well-being, as did loss of identity, grief, and community disconnect. Threat responses included seeking interpersonal support, regaining control, engaging in self-care, and using coping strategies. A sense of connection to the care receiver, self-growth, and giving back allowed carers to derive meaning from their role. Utilising the Power Threat Meaning Framework offers insight into mental health caregiver’s experiences beyond the confinements of current clinical practice. Suggestions for supporting mental health caregivers are provided.