This study is a prospective investigation of the effect of weight retained after pregnancy on weight satisfaction, self-esteem and depressive affect, utilising the framework provided by expectancy-value theory. Self-report data were obtained from 115 women who were in the last month of their first pregnancy, and then again a month following the birth. On average women were heavier four weeks after having their baby than they were prior to becoming pregnant, and were less satisfied with their post-natal weight and shape. They were also slightly heavier than they had anticipated, particularly in the case of the younger women. Actual post-natal weight proved the most important predictor of psychological well-being following birth.