Like other family caregivers, the great majority of grandparents raising grandchildren are female. Recent research indicates that 14.5% of American grandmothers have raised a grandchild for six months or more. This study uses a nationally representative sample, the National Survey of Families and Households, to compare the mental and physical health of caregiving (n = 147) and noncaregiving grandmothers (n = 1874), within the context of several other key demographic variables. Analyses indicate that, in comparison to noncaregiving grandmothers, caregiving grandmothers are more likely to have significant levels of depressive symptomatology (32% versus 19%) and to have some limitations in their activities of daily living (56% versus 44%). Implications of these findings for practice, research, and policy are discussed.