Objective: To compare alcohol, tobacco, and illicit or nonmedical drug use behaviors and self-reported consequences of Asian American and Pacific Islander (AAPI) students to cross-ethnic peers. Participants: A sample of 114,816 undergraduates between 18 and 24 completing the National College Health Assessment between 2011 and 2014 were used. Methods: Cochran-Mantel-Haenszel tests compared behaviors and consequences to cross-ethnic peers, to establish the impact of risk behavior among AAPI students. Results: AAPI used tobacco more commonly, and were more likely to consume alcohol. They consumed more alcoholic beverages per occasion, with nearly one-third consuming five or more beverages in one sitting. While less likely to experience most behavioral outcomes, AAPI were nearly twice as likely to engage in unprotected sexual behaviors. AAPI and cross-ethnic peers were equally likely to engage in sexual behaviors under the influence of alcohol without receiving consent. Conclusions: These findings refute prior stereotypes, and have critical implications for university-based substance prevention education efforts.