Current research confirms the significant role of environmental quality in children´s well-being and mental health. Respective studies targeting young children focused on characteristics of the families´ immediate housing situation, e.g., household chaos. In the framework of the Equal-Life project, we investigated the relationships between neighborhood quality and mental health in preschoolers (N=111). Data were acquired through parent questionnaires. Stepwise regression analysis identified noise and air pollution as the most important predictors of overall neighborhood quality ratings. As expected, different components of neighborhood quality were significantly correlated, confirming a gap between favorable and unfavorable conditions in children´s environments. All components of neighborhood quality were significantly associated with children´s well-being (KIDSCREEN-10), but stepwise regression analyses identified noise and air pollution as the most important predictors. In contrast, children´s mental health problems (Strength and Difficulties Questionnaire) were unrelated to all components of neighborhood quality. Furthermore, lower neighborhood quality was associated with higher parental stress, which in turn was a significant predictor of children´s mental health problems and well-being. These findings underline the interdependencies of psychosocial and physical exposures, and thereby the necessity to adopt an holistic (exposome) approach in order to design environments that foster children´s mental health.