ABSTRACT Objectives Ambivalent feelings in dementia family caregivers have been found to be related to caregivers´ stress associated with the behavioral and psychological symptoms of dementia (BPSD-related stress), and depressive symptoms. Ambivalent feelings may also affect caregivers´ perceived quality of the relationship with the person living with dementia (PLwD), but this variable has been scarcely studied. This study analyzes the role of ambivalent feelings in the association between caregivers’ BPSD-related stress, perceived quality of the relationship with the PLwD, and depressive symptomatology. Methods A theoretical model was developed and tested in a sample of 390 family caregivers. Results The obtained tested model had an excellent fit to the data, explaining 24% of the variance of depressive symptomatology. A significant association was found between caregivers’ BPSD-related stress, ambivalent feelings, and depressive symptomatology. Also, an indirect effect in the association between ambivalent feelings and depressive symptomatology was found through the perceived quality of the relationship. Conclusions Ambivalent feelings in dementia family caregivers are associated with caregivers’ BPSD-related stress, perception of a lower relationship quality, and higher depressive symptomatology. Clinical Implications Targeting caregivers’ ambivalent feelings and the quality of the relationship in interventions for dementia family caregivers may decrease their distress.