The relationship between being a parent and personal well-being has been the topic of interest and debate in recent decades. However, most of the studies in this field are from high-income countries in North America and Europe. This is an important limitation since parenthood is a phenomenon highly dependent on sociocultural context. The purpose of this article was to identify and examine the main findings related to the well-being of mothers and fathers in Latin America through a systematic review of the scientific literature. This review shows that, in general, mothers and fathers expressed feelings of well-being. However, parenthood significantly affected their daily lives and simultaneously represented a source of frustration and displeasure. Gender stereotypes, the type of family and work-family conflicts were variables relevant to these factors. Our results show the importance of developing policies and strategies that favour gender equity and provide support for vulnerable families in Latin America countries.