A relocation to a nursing home is a major life transition in older age, with potential impacts on cognitive functioning and quality of life. In line with psychosocial models of successful aging, we investigated how older adults adapted to this major life transition. Using data collected at nine nursing homes in Geneva, Switzerland, we studied changes in cognitive functioning (i.e., short-term, long-term, and working memory, verbal fluency, prospective memory, and inductive reasoning) and quality of life (i.e., emotional and social loneliness, depressive symptoms, and purpose in life) in cognitively healthy older adults. Moreover, we exploratorily studied whether relational resources (e.g., participation in activities) impacted these changes. Forty-seven nursing home residents, aged 59 to 99 years (M = 85.55, SD = 9.43, 36 women), completed a neuropsychological test battery and self-report questionnaires approximately one, three, and six months after relocation. Repeated Measures ANOVAs indicated that short-term and long-term memory declined and (emotional) loneliness increased during the first three months after relocation. Yet, no differences were found between the first and last assessment of those indicators. Other factors did not show significant changes over time. Exploratory analyses revealed that visits of friends and participation in activities may play an important role in the impact of- and adaptation to this life transition. Although our results suggest preserved psychosocial adaptational capacities in nursing home residents, we should remain vigilant for the potential negative short-term and long-term impacts of major life transitions in this vulnerable population of older adults.