Pregnancy, birth, and becoming a parent involves substantial changes at biological, psychological, social, and broader cultural levels. As such, it is a continuing process of adaptation to change and new demands. This chapter provides an overview of risk and resilience in pregnancy, birth, and the transition to parenthood and the impact of these experiences on both women and their infants. The first part of the chapter provides an overview of experiences of pregnancy and birth and risks that arise, in particular trauma that may be experienced during birth. The second part looks at resilience in pregnancy and birth, what we know, and what we still need to know in this area. The third part looks at theories of resilience relevant to the perinatal period and how it is important to look at resilience at different levels (e.g. epi/genetic, personal attributes, relationships, support systems, culture, and environment). The authors conclude with key considerations for future research and theory in this area.