A multimethod, multi‐informant design was used to examine links among sociodemographic risk, family adversity, parenting quality, and child adjustment in families experiencing homelessness. Participants were 245 homeless parents (Mage = 31.0, 63.6% African American) and their 4‐ to 6‐year‐old children (48.6% male). Path analyses revealed unique associations by risk domain: Higher sociodemographic risk predicted more externalizing behavior and poorer teacher–child relationships, whereas higher family adversity predicted more internalizing behavior. Parenting quality was positively associated with peer acceptance and buffered effects of family adversity on internalizing symptoms, consistent with a protective effect. Parenting quality was associated with lower externalizing behavior only when sociodemographic risk was below the sample mean. Implications for research and practice are discussed.