The current study examined a multidimensional, developmental, and transactional model for depressive symptoms among Asian American adolescents using longitudinal data from 1,664 Asian American adolescents in the Children of Immigrants Longitudinal Study (CILS). Specifically, the relationships among school climate, acculturation, perceived discrimination, and depressive symptoms among Asian American adolescents were examined. Results showed that Asian American adolescents perceived more discrimination over time. Acculturation to American culture, as indicated by English language abilities, predicted more perceived discrimination at time 1, but not at time 2. Perceived discrimination predicted depressive symptoms at each time point. Furthermore, perceived discrimination mediated the relationship between school climate variables and depressive symptoms at time 2 after controlling for previous level of discrimination and depressive symptoms. Boys perceived more discrimination, more negative school climate and negative peer interactions, and less positive school climate than girls. The importance of reducing discrimination at school, promoting positive school climate, and meeting the mental health needs of Asian American adolescents from immigrant families was discussed.