Abstract Objectives Parental psychosis poses challenges for families but tailored support for parents remains limited. Very few studies have explored the day‐to‐day parenting practices of parents with psychosis in depth, and none have qualitatively compared their parenting to that of parents without serious mental illness (SMI). This study compared accounts from parents with psychosis to accounts from parents without SMI to explore parenting practices and identify areas for targeted support. Design and Methods Semi‐structured qualitative interviews were used to explore the daily reality of child‐rearing in 20 parents with psychosis and 20 parents without serious mental illness. Data were analysed thematically using Template Analysis. Results Three a priori themes were deductively generated from an established parenting model: Positive authoritative parenting , Negative authoritarian parenting and Permissive/avoidant parenting . Both groups of parents used positive parenting strategies well, but challenges such as stress and fatigue made it difficult for parents in both groups to maintain this approach consistently. Parents with psychosis were more likely to utilise authoritarian and permissive and avoidant parenting styles due to feeling overwhelmed, subsequently accompanied by feelings of guilt which may in turn, impact their mental health. Conclusions The present study adds novel insights into how additional challenges such as positive symptoms and fatigue can affect the parenting behaviours of parents with psychosis resulting in greater use of maladaptive parenting practices. Evidence‐based parenting courses and utilisation of family‐focused approaches within services are recommended for families affected by parental psychosis to improve outcomes for parents and their children.