The authors examined the role of undesired self-discrepancies in predicting emotional distress among Asian and European Americans, whether undesired self-discrepancies are stronger predictors of distress for Asian than for European Americans, and whether optimism and pessimism mediate the relations between ideal, ought, and undesired self-discrepancies and emotional distress. Self-identified Asian/Asian American (n = 140) and European American (n = 189) college students completed measures of self-discrepancies, optimism/pessimism, social anxiety, and depressive symptoms. Results show that for both Asian Americans and European Americans, greater similarity to the undesired self is equally predictive of symptoms of depression, whereas distance from the undesired self is more predictive of social anxiety for Asian Americans than for European Americans. Furthermore, pessimism fully mediates the relations between undesired self-discrepancies and depressive symptoms for both Asian Americans and European Americans, although pessimism was a stronger predictor of depression for European Americans than for Asians/Asian Americans.