The purpose of this study was to verify the mediating effect of spouse parenting alliance and the moderating effect of learning flow in the relation between parenting anxiety and well-being of student mothers. Data was collected online from 182 married female graduate students in their 30s and 40s with children aged 3-9 living in Seoul and Gyeonggi-do. The data were analyzed using the SPSS 21 program and PROCESS Macro Models 4, 1, and 5. As a result of the analysis, spouse parenting alliance completely mediated the effect of parenting anxiety on the well-being of student mothers, and the mediating effect was moderated according to the learning flow of student mothers. In addition, when the learning flow of student mother was low, the higher the parenting anxiety, the lower the well-being, but when the learning flow was high, there was no difference in well-being due to parenting anxiety. This suggests that psychological intervention such as psycho-education and marital counseling for couples to promote parenting alliance will be helpful when trying to help student mothers with low well-being due to parenting anxiety, and individual counseling for student mothers can be effective when using positive psychological intervention that can increase learning flow a counseling strategy.