Using two survey datasets–the Korean American Families (KAF) Project and the Cross Cultural Families (CCF) Project, this study examined how perceived racial discrimination influences depressive symptoms and school outcomes among Asian American adolescents, and what factors mediate the association between perceived discrimination and youth outcomes. The KAF Project surveyed Korean American (KA) youth in Midwest (n = 220), and the CCF Project surveyed Cambodian American (CA) youth (n = 164), and Vietnamese American (VA) youth (n = 163) in a Pacific Northwest school district. Using Structural Equation Modeling, the results revealed perceived discrimination was positively associated with depressive symptoms for KA and VA youths, but school misbehavior only for CA youth. Among KA youth, perceived discrimination was positively associated with ethnic identity, in turn positively related to social support, thereby reducing depressive symptoms. Among CA and VA youths, perceived discrimination was not associated with ethnic identity, but ethnic identity was related to social support, which in turn was associated with lower depressive symptoms, less school misbehaviors and better grades. This study offers insights into the way in which perceived racial discrimination may exert an impact on children’s mental health and school outcomes and how the mechanisms that explain this relationship vary across AA subgroups. The findings of this study highlight the need for sustained research in the future to advance research and practice for AA groups.