Abstract Background Parenthood significantly impacts the well-being of mothers and fathers. Yet, their experiences may differ according to societal roles and expectations. Parenthood can bring joy and fulfillment, but also emotional strain, particularly for mothers. Fathers’ involvement in caregiving has been recognized as crucial for family well-being, but studies on its health impact remain scarce. This study analyzed mothers’ and fathers’ perceptions of how parenthood affected their personal and professional well-being. Methods We conducted 30 semi-structured interviews with Portuguese mothers and fathers living in Portugal, Sweden, Norway, Germany, the Netherlands, the UK, Spain, and Italy. Thematic content analysis was performed to analyze the interviews. Results After becoming parents, male interviewees reported career benefits such as higher pay and career growth due to increased workload, while female interviewees reported greater family overload that spilled over into their professional lives. In Portugal, women faced work-life conflict as they felt more competent than their male partners in providing care and maintained their full-time paid work. In countries like Germany and Spain, women assumed the role of main caregivers but reduced their work commitments, either by working fewer hours or leaving the workforce. Self-reported health declined for both after parenthood, but differently. Some fathers engaged in less healthy behaviors, resulting in weight gain. In contrast, mothers, particularly in Portugal, were more prone to express emotions such as guilt, pressure, and anxiety due to role conflicts as workers, mothers, and wives. Conclusions Traditional gender norms still shape parental roles in work and family life, differently affecting women’s and men’s well-being. To address gender inequalities in parenthood, equal access to supportive measures such as shared parental leave is needed, as well as flexible working arrangements and childcare services.