RCMP say they seized thousands of dollars worth of drugs during the search of a home in Red Deer on Nov. 4.
Police say the kitchen in the house was being used to convert cocaine to crack.
The children were in the house at the time of the search and police say they appeared to be healthy.
Their parents are facing several drug- and firearms-related charges.
They are not being named so as to protect the identity of the children.
Police say crack, cocaine, marijuana and drug-related paraphernalia were seized along with $40,000 in cash. A hunting rifle was also taken from the home.
The couple have already made one court appearance and are to appear again in January.
They also face a charge under the Drug Endangered Children's Act.
"Anyone who is manufacturing this in the kitchen of a home with children present is just taking complete reckless action and endangering children," Mike Tucker with the Alberta Law Enforcement Response Team said Thursday.
"They were good kids. They were happy, healthy young children you would know anywhere. But what's important is we were able to put (them) in the position to get the help and the resources.
"Clearly something bad could have happened."
Tucker couldn't say whether the bust was gang-related.
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