Although Eastern European migration has increased greatly, the research on its impact on children and families has been limited. In this study I examined the impact of parental economic migration on children psychosocial and academic outcomes in Romania, one of largest Eastern European migrant sending country. Surveys were conducted with 382 children in 5-8th grades. A conceptual model of the impact of parental migration, economic pressure, social support, parenting and children's outcomes was examined using structural equation modeling. The results indicate that higher economic pressure was associated with higher desire for migration, lower parenting quality and higher child psychological distress. Higher satisfaction with migration was associated with higher quality of parenting, higher child psychosocial functioning and academic achievement. Recommendations for programs and policies targeted to immigrant families are provided.