Parental well-being has implications for child outcomes and child well-being. The COVID-19 pandemic has placed substantial psychological distress on parents especially those from under-resourced backgrounds who also have young children. Most of the available studies have used surveys to understand the impact of COVID-19 on parents’ well-being with only a few of those studies looking at parents with children below five years from under-resourced backgrounds. We explored the impact of the COVID-19 pandemic on the well-being of 118 parents from under-resourced communities using qualitative methods. Through thematic analysis, we identified eight themes related to the impact of COVID-19: (1) Losing child care and taking teaching/care responsibility, (2) new rules and routines, (3) loss of basic needs, (4) fear of the virus, (5) loss of social support, (6) loss of jobs, (7) deeper connections, and (8) enhanced hygiene. We also identified four themes related to how parents coped with the impacts of the pandemic: (i) engaging in hobbies; (ii) making plans; (iii) accepting, and (iv) avoiding arguments. Implications include supporting parents’ autonomy and providing flexibility at work, developing and tailoring mindfulness and stress reduction interventions to support parents’ self-compassion and psychological flexibility skills, preparing lesson samples and helping parents role play to support their self-efficacy in teaching children, and prioritizing keeping child care settings open.