Behavior problems in childhood have been linked to maternal depression and parenting stress. It remains unclear how maternal depression and parenting stress relate to each other and jointly predict child behavioral problems. The purpose of this study was to examine how parent-reported depressive symptoms and perceived parenting stress related to parental reports of child behavior problems. Moreover, the study examined if parenting stress could potentially serve as an explanatory factor for the relation between parental depression and a child’s negative behavioral outcomes. Fifty-eight mothers reported their levels of depression using Beck Depression Inventory, parenting stress using the Parenting Stress Index-Short Form, and their children’s behavioral problems using the Child Behavior Checklist. Scores on all the three questionnaires were positively correlated. Regression analysis indicated that when holding parenting stress constant, the relation between parental depression and child behavioral problems became nonsignificant, suggesting that parenting stress might provide an explanation for the link between parental depression and child behavioral problems. Implications for clinical interventions are discussed.