This study examined the association between rural-to-urban migration in combination with other stressful life events and levels of depression and physical well-being in parents of first-grade children in Shanghai China (n = 2,077). The study also explored the buffering effects of resources previously identified in prior studies, such as socioeconomic status, social support, and marital satisfaction. Respondents who had migrated were found to have the highest levels of depression and physical ailments, particularly in combination with having experienced other stressful life events. Family socioeconomic status and social support were found to moderate the consequences of migration and other stressful life events on individuals’ psychological and physical well-being. Although marital satisfaction was related to physical and psychological well-being, it had no moderating role for individuals who had migrated from rural areas to Shanghai. Implications for practice and policy as well as future research directions are discussed.