Parental engagement in stimulating activities and support in both formal and informal learning environments are important for early childhood development. However, little is known about how parental mental health and beliefs about early childhood development shape such investments. We draw on a sample of young children and their primary caregiver from Addis Ababa, Ethiopia (N = 3,000; Mage = 34.1 months; 48.5% girls) and examine how parental distress and beliefs predict investments in learning at home and how these, in turn, predict children's development across multiple domains. We examine these associations separately for infants/toddlers (0-35 months) and preschool-aged children (36-72 months), for whom enrollment in preprimary school is also included as an additional form of parent investment. Results showed different patterns of associations between the two age groups. Specifically, for infants and toddlers, parental distress and beliefs did not predict parent investments or child outcomes, but both access to learning materials and cognitive stimulation at home positively predicted child development in every domain. For preschool-aged children, parental beliefs positively predicted hours in preschool, and parental distress negatively predicted the availability of learning materials and cognitive stimulation at home; these three forms of parent investments each positively predicted children's outcomes across all developmental domains. Collectively, these findings deepen our understanding of parent factors that shape children's formal and informal learning experiences and point to several important areas for future research to more fully understand early childhood development in low-resource contexts. (PsycInfo Database Record (c) 2024 APA, all rights reserved).