We report a review examining the psychological wellbeing of parents of children with Down syndrome (DS) relative to that of parents of typically developing (TD) children. A systematic search identified 57 relevant studies, which were synthesised meta-analytically. Relative to their counterparts with TD children, mothers and fathers of children with DS reported higher levels of parenting stress (mothers: g = 0.57, 95% CI 0.33, 0.81; fathers: g = 0.40, 0.24, 0.56), depressive symptoms (mothers: g = 0.42, 0.23, 0.61; fathers: g = 0.25, 0.02, 0.48) and psychological distress (mothers: g = 0.45, 0.30, 0.60; fathers: g = 0.63, 0.26, 0.99). Small effects were found for anxiety for mothers (g = 0.16, 0.03, 0.29), with no differences for fathers (g = 0.03, −0.25, 0.32). No group differences were found for positive impact of parenting (mothers: g = −0.09, −0.25, 0.07; fathers: g = −0.04, −0.30, 0.22), while evidence concerning other positive wellbeing outcomes was limited. No significant moderating effects of child age range, country income level, or group differences in parental education level were identified, but limited subgroup analyses were possible. Raising a child with DS may be associated with elevated stress, depressive symptoms, and psychological distress for mothers and fathers. However, levels of parenting reward appear equivalent to those experienced by parents raising TD children. •We reviewed psychological wellbeing in parents of children with Down syndrome and typical development.•Parents of children with Down syndrome had elevated stress and depressive symptoms.•There were no group differences in positive impact of parenting.•Evidence concerning other positive wellbeing outcomes was limited.