The present study investigated the direct and moderating effects of racial identity, ethnic identity, Asian values, and race-related stress on positive psychological well-being among 402 Asian American and Asian international college students. Results revealed that the racial identity statuses Internalization, Immersion-Emersion, Dissonance, Asian values, and Ethnic Identity Affirmation and Belonging were significant predictors of well-being. Asian values, Dissonance, and Conformity were found to moderate the relationship between race-related stress on well-being. Specifically, individuals in low race-related stress conditions who had low Asian values, high Conformity, and low Dissonance attitudes started high on well-being but decreased as race-related stress increased. These findings underscore the importance of how racial identity statuses, Asian values, and ethnic identity jointly and uniquely explain and moderate the effects of race-related stress on positive well-being. Implications for future research and clinical practice are discussed. (Contains 2 tables and 3 figures.)