The current study examined subjective well‐being (SWB) in parents who raise children with special needs. Previous studies that focused on parenting children with special needs stressed increased risk of depression. This study examined parental level of hope, the significance of being involved in a partner relationship and parental perception of the seriousness of their child's disability, each a factor that may influence parental SWB. A random sample of 92 parents raising children with special needs in Israel participated in the study. They completed three questionnaires, examining parent's perception of the severity of their child's disability, parental SWB and parents' level of hope. Results revealed that a high level of hope, being in a partnered relationship, and perception of the child's disability as having some positive influence on central aspects of the parents' life, are all significant contributors to raising parental SWB. Study findings show that ‘agency’, a component of the concept of ‘hope’, is a significant factor in predicting SWB in parents of a child with special needs. Perhaps awareness of how they can improve their SWB by using certain aspects of their lifestyle to their advantage can help improve quality of life for parents of children with special needs.