The purpose of this study was to examine the health status of the daughter and daughter- in-law caregivers who care for a cognitively and/or functionally impaired elderly, individual to identify factors that were related to reported health outcomes, and to investigate the negative and positive impacts of family caregiving. Data was collected from 120 daughter and daughter-in-law caregivers and care-recipients using face to face interviews. Most caregivers were daughters- in-law (77.5%) and most care-recipients were female (88.3%). Sixty-eight percent (n=81) of caregivers reported depressive symptomatology. General health also deteriorated by caregiving. Caregivers reported several negative impacts (difficulties): care-recipients' problematic behaviors, deterioration of their own health, pressure from social norms related to family caregiving in Korea, intrafamily conflict, and economic problems. Contrary to the popular belief, caregivers reported diverse positive impacts of family caregiving (68.3%): a sense of filial responsibilities, recognition from elderly, family members, relatives, and society, education for the children, and familial harmony. Higher depression score was predicted by lower family income, the presence of cognitive impairment of care-recipients, and higher level of social conflict of caregivers. Poor general health of caregivers was predicted by older caregivers' age, lower competing roles of caregivers, and poor emotional health. While not seeking to deny the negative aspects of family caregiving, it is also necessary to understand positive aspects of family caregiving to see complete picture of caring for an elderly family member.