Parents of children with cancer face a high level of distress. One contributing factor to this is their need to make life-altering treatment decisions. To understand specific variables that may contribute to parents’ distress and decision-making preferences, we assessed correlations between parent anxiety, decision-making preferences, personal variables (gender, age, education, socioeconomic, occupational status), cancer characteristics (type, stage, time since diagnosis), existing support system, and trust in the medical staff. Sixty-nine parents of children with cancer during the first year after diagnosis were recruited to the study during hospitalization in a large medical center. Anxiety was measured by the State-Trait Anxiety inventory, decision-making preferences were assessed by the Control Preferences Scales for Pediatrics, support system and trust were measured by questionnaires developed for the present study. Parents’ anxiety level was significantly higher than the general population, especially for state anxiety. Higher socioeconomic status and greater extent of employment of the spouse related to higher levels of state anxiety. Anxiety did not relate to any of the cancer properties, nor to the amount of support the parents had or their trust in the medical staff. Parents’ level of education positively related with willingness to take part in decision-making, as well as with trust in the medical staff. The results emphasize the importance of trust in and the support of the medical and psychosocial staff and the need to be attuned to different parents’ needs to increase this trust.