To determine whether perinatal complications predict childhood anxiety disorders independently of parental psychopathology, we systematically assessed pregnancy and delivery complications and psychopathology in a sample of children (mean age ยผ 6.8 years) at high risk for anxiety disorders whose parents had panic disorder with (n ยผ 138) or without (n ยผ 26) major depression, and in contrast groups of offspring of parents with major depression alone (n ยผ 47), or no mood or anxiety disorders (n ยผ 95; total N ยผ 306). Psychopathology in the children was assessed by structured diagnostic interviews (K-SADS), and pregnancy and delivery complications were assessed using the developmental history module of the DICA-P. Number of pregnancy complications predicted multiple childhood anxiety disorders independently of parental diagnosis (odds ratio ยผ 1.6 [1.4-2.0]). This effect was accounted for by heavy bleeding requiring bed-rest, hypertension, illness requiring medical attention, and serious family problems. Associations remained significant when lifetime child mood and disruptive behavior disorders were covaried. Results suggest that prenatal stressors may increase a child's risk for anxiety disorders beyond the risk conferred by parental psychopathology alone. Depression and Anxiety 19:152-162, 2004.