Daily-diary data from 180 Asian American 9th-10th graders (58% female, 75% second generation; "M" age = 14.97 years) were used to investigate how family, school, and peer stress are each associated with same-day and next-day (lagged) well-being, and vice versa. Hierarchical linear modeling provided support for reciprocal links when considering same-day reports. More daily stress was associated with lower same-day happiness and higher distress and anxiety. At the same time, well-being was associated with same-day stress, although the specific patterns were not as consistent and varied somewhat by stress domain. With a 1-day lag between daily experiences, stress was not associated with next-day well-being, but daily distress was associated with more next-day family stress. Females and first-generation adolescents were particularly vulnerable to daily stress and well-being processes. Sustained effects were also found in that chronic experiences of school stress over the 14-day period were associated with higher reports of depression and anxiety.