Objectives: Ethnic/racial identity (ERI) development can be a central aspect of self-concept for youth of color. This presentation reviews research on how ERI moderates associations between discrimination and mental health, academics, risky health behaviors, and physical health. Research on whether ERI buffers or exacerbates the detrimental impact of discrimination differs by ERI, age, ethnic/racial group, and outcome. Methods: This presentation includes results from 2 studies. The first is a meta-analysis of over 50 studies and 18,000 participants. The second is a study focused on vicarious racism—witnessing or hearing about other individuals of one’s ethnic/racial group being the target of racism—experienced among Asian Americans during the COVID-19 pandemic (n = 600;ages 18-88 years). Results: Meta-analytic data found that having a strong overall sense of ERI conferred protection against discrimination stress, mitigating the impact of racism on health outcomes. However, results also differ by various subdimensions of ERI. Individuals who reported high levels of identity search and exploration were more negatively impacted by discrimination, and this association was most evident at age 24 years. On the other hand, individuals who reported high levels of comfort and commitment to their ethnic/racial identity were more protected from the negative impact of discrimination. Compared to Asian- and African-heritage individuals, Latinx respondents benefited from a strong ethnic/racial identity especially for risky health behaviors. Data from the second study of Asian Americans (April to June 2020) suggest that experiences of vicarious racism were associated with poorer sleep quality;this effect was attenuated for individuals reporting high levels of centrality. Conclusions: The development of an ERI offers social bonds and a sense of belonging and common fate between similar others. Existing research finds that a strong sense of ERI confers overall positive health benefits, suggesting that 1 mechanism for promoting health may be through mitigating the impact of racism among individuals who have a clear and committed sense of their ERI group membership. However, individuals who are still unclear or exploring their ERI may be particularly susceptible to the negative health impact of racism. DEV, R