ABSTRACT Perinatal wellbeing is a critical area of mental health to address for the benefit of parents, infants, pets, and health services. Animals, and specifically pets, have been investigated as potential wellbeing supports in clinical and non-clinical populations, yet there has been limited exploration of their role in the perinatal period. To address this gap, this study aimed to examine the perceived risks and benefits of pet ownership on perinatal mental health through qualitative reports of lived experience from mothers with pets. An online survey with open-text questions was developed; thematic analysis was applied to data from 31 eligible UK participants. The analysis identified five themes: (1) promoting wellbeing and grounding in a time of change, (2) pets as preparation for parenting, (3) caregiver burden, (4) joy and challenges of pet–baby interactions, and (5) perceptions of changing pet behavior in the perinatal period. This study indicates that accessing emotional support from pets, second-hand joy from the pet–baby bond, and having “parenting practice” are perceived wellbeing benefits from pets. Further, parents expressed that increasing social support for pet and childcare, creating boundaries for pet–baby interactions, and managing perinatal expectations could help minimize risks identified by participants, including caregiver burden and pet-based distress and anxiety. These insights may allow practitioners supporting pet-owning new parents to begin exploring new ways for families to manage pets in the perinatal period in a way that enhances wellbeing for everyone involved, including pets.