This article aims to analyze the indicators of vulnerability present in foster care institutions, as well as the protective resources that may be associated with resilience processes of children who are living in such institutions. Using a qualitative approach, the fieldwork was conducted in two foster care institutions located in a medium-sized city in São Paulo state, Brazil. The participants included six children, between four and nine years old, one of which was a girl. Three strategies were used for data collection: semi-structured interviews, elicitation interviews using drawings created by the children themselves, and reflexive interviews. All interviews were digitally recorded, fully transcribed, and analyzed using content analysis. Five themes emerged from the analysis and findings show that foster care institutions appear to occupy an ambiguous space in the lives of the children, where they simultaneously receive support but also continue to have disempowering and harmful experiences.