Objective <p>This study analyses the role of character strengths in grandparents’ psychological wellbeing. Following the Lazarus and Folkman’s stress model, we included three groups of variables that may be related to grandparents´ psychological wellbeing: personal characteristics (sex, age, and marital status), stressful event (conducting a caregiver or non-caregiver role) and coping strategies (character strengths).</p> Methods <p>A sample of 536 Spanish grandparents participated. The average age was 70.23 (<i>SD</i> = 7.17). We conducted a multiple regression analysis.</p> Results <p>Multiple regression analysis evidenced that the character strengths optimism, humour, courage, justice and problem solving explained the 34.7% of grandparents’ psychological wellbeing variance.</p> Conclusions <p>The results have shown that, when faced with a stressful event, such as the supplementary care of grandchildren in this case, personal characteristics or the stressful event itself are not as relevant as the strategies available to the person to cope with the event.</p>