Drawing from the International Comparative Study of Ethnocultural Youth (ICSEY) dataset, this paper examines the immigrant paradox phenomenon among a group of immigrant youth in five European countries. The sample consisted of over 2700 immigrant and 1400 national youth (age range 13 – 18 years) living in Finland, the Netherlands, Norway, Portugal and Sweden. At the core of the immigrant paradox is the counterintuitive finding that immigrants often show better adaptation outcomes than their national peers in spite of poorer socioeconomic status. However, the paper argues for a more conservative position based on three criteria for concluding the existence of the paradox. On the bases of these criteria, the paper found mixed support for the immigrant paradox. Whereas the pattern of socio-cultural adaptation for first- and second-generation immigrants resembled the immigrant paradox, results for psychological adaptation were opposite to the paradox. Reasons for the mixed findings are discussed.