Background: Cancer not only affects the individual diagnosed but casts ripple effects on their caregivers too. The role of caregiver is multifaceted and requires continuous commitment to the well-being of patients. The burden of witnessing a loved one's suffering, stress of medical intricacies, disrupted routines, financial worries, and social isolation may lead to psychological distress in caregivers and adversely affect their quality of life (QoL). Materials and methods: Study was conducted on 100 caregivers of 100 patients who were diagnosed with advanced cancer. Psychological distress in patients and caregivers was assessed using Hospital Anxiety and Depression Scale (HADS) and effect of psychological distress on QoL was evaluated using the World Health Organization Quality of Life-BREF (WHOQOL-BREF) criteria. Data was collected and analyzed using Statistical Package for the Social Sciences (SPSS) statistical software version 20.0 at level of significance, p < 0.05. Results: The mean anxiety score was 10.75 ± 2.55 in the patients’ group and 11.79 ± 2.67 in the caregivers’ group, while the mean depression score was 11.62 ± 2.83 in the patients’ group and 10.86 ± 2.45 in the caregivers’ group. QoL for both patients and caregivers was assessed, revealing a mean physical health score of 48.87 ± 10.97 in the patients’ group and 57.71 ± 9.62 in the caregivers’ group. The mean psychological score was 46.26 ± 11.12 in the patients’ group and 47.77 ± 10.38 in the caregivers’ group. In terms of social relationships, the mean score was 32.32 ± 11.21 in the patients’ group and 43.15 ± 12.25 in the caregivers’ group. Lastly, the mean environment score was 50.65 ± 9.89 in the patients’ group and 53.44 ± 11.39 in the caregivers’ group. Conclusion: Along with cancer patients, their caregivers equally suffer from psychological distress. Caregivers of cancer patients have poor QoL which needs to be addressed.