Research focusing on family caregivers of people with Alzheimer’s disease (PWAD) has predominantly highlighted the negative aspects of caregiving, reporting variables associated with poor mental health such as depression, anxiety, and burden. In recent decades, efforts have also been made to study positive variables associated with care, such as gain (positive results from the caregiving activity), satisfaction, and quality of life. The present study includes both positive and negative aspects of caregivers of PWAD, aiming to clarify their relationships and how they affect psychological distress. The study employed a cross-sectional descriptive design, enrolling a sample consisting of 140 family caregivers of PWAD. The variables assessed as negative aspects included hours of care per day, perceived burden, and psychological distress, while happiness, gain in caregiving, and quality of life were assessed as positive aspects. The results confirmed that family caregivers of PWAD experience both negative and positive aspects associated with caregiving. The relationship between these aspects is inversed: as the perceived burden increases, the mental health of the caregiver declines, and the positive aspects associated with caregiving decrease. Specifically, the perception of happiness begins to decrease with more than 15 h of care/day, while the perception of gain increases after 10 h of care/day. Respite care or financial aid that helps PWAD family caregivers reduce the number of hours dedicated to caring, along with psychological and support interventions to reduce subjective burden, would result in improved mental health of caregivers of PWAD.