["Family Relations, EarlyView. ", "\nABSTRACT\n\nObjective\nThe main goal of this study was to examine the associations between adaptive family functioning, stressful COVID‐19 pandemic‐related events, and various measures of well‐being.\n\n\nBackground\nThe uncertainty, stress, and restrictions that individuals have faced during the COVID‐19 pandemic have had a profound negative impact on subjective well‐being. The majority of research has focused on the individual outside of their social context, of which the family system is a very important aspect.\n\n\nMethods\nThe study relied on a convenience sample of 324 participants from a non‐clinical population, with mothers, fathers, and first‐born children (Mage = 20.8, range 12–29) from a total of 108 families participating in the study. Identical measures of family functioning (FACES IV), positive and negative emotions (SPANE), personal well‐being (PWI), and various pandemic‐related stressors were taken from both parents and their children. The study relied on a cross‐sectional design.\n\n\nResults\nCOVID‐19–related stressful experiences were associated with lower levels of individual well‐being, while multilevel modeling analysis suggests that families characterized by higher balanced flexibility and by lower levels of unbalanced–disengaged functioning showed higher average well‐being among their members. Greater balanced flexibility appeared to buffer the harmful effect of stress on well‐being.\n\n\nConclusion\nThe obtained results suggest that adaptive family functioning is an important resilience factor in crisis conditions such as the COVID‐19 pandemic, with the potential to shield individuals from the effects of pandemic‐related stressors.\n\n\nImplications\nPsychosocial mental health interventions should incorporate family‐based measures in order to increase their effectiveness, which is most important for future crisis periods.\n\n"]