This study attempts to understand the Vietnamese-Australian grandparenthood and their changing roles and psychological well-being. Using a qualitative approach, thirty-six grandparents participated in four focus group interviews. The findings reveal that Vietnamese grandparents play many important roles such as those of living ancestor, family historian, role model, teacher, mentor, nurturer, crony and mediator although at a reasonably modest level. Through assisting the parents, it creates a vital bridge between grandparents and grandchildren. Grandparents' most important roles are the maintenance of good emotional relationships and support, and the construction of harmony and continuity in their modified extended families. To be able to assume these roles grandparents need to actively explore and accept new values and to adapt values to new cultural context. A successful grandparenthood brings happiness to the family and this in turn positively influences grandparents' life satisfaction and psychological well-being and enhances their quality of life.