The purposes of this study were to (a) determine whether personal growth orientation and hardiness mediated the relations of parental alcoholism and family functioning to psychological well-being and distress; (b) determine whether this mediational model was invariant across women and men; and (c) examine the role of parental alcoholism in a model that included family functioning. Personal growth orientation appeared to mediate fully the relation of family functioning to distress for both genders. For women, hardiness appeared to mediate partially the relation of family functioning to well-being. For men, this relation appeared to be fully mediated by hardiness. The models were predominantly invariant across genders. Parental alcoholism had no direct effects on well-being or distress; indirect effects were found through family functioning, personal growth orientation, and hardiness. Implications for theory, research, and practice are discussed.