This research investigated the psychological adjustment of adult children of alcoholics. Few studies have explored the long-term effects of this childhood experience. The total sample (N = 239) included 114 adult children of alcoholics and 125 sociodemographically comparable adults from nonalcoholic family environments. The sample was further divided into young- and middle-adult age groups and men and women. All respondents completed a self-report instrument that included standardized measures of psychological well-being, emotional distress, personality characteristics and psychological development. Results indicated that adult children of alcoholics did not differ from the comparison group on the majority of measures that assessed multiple aspects of psychological well-being and personality development. However, adult children of alcoholics scored significantly higher on the measures of anxiety and depression than did adults from nonalcoholic families. Few gender differences were obtained in the overall pattern of results. The findings are discussed in light of the generally negative clinical descriptions of adult children of alcoholics and the need to implement future research that will explain the apparent variability in the psychological functioning of adult children of alcoholics.