First, the authors investigated the direct associations of vertical collectivism, ethnic identity exploration, and ethnic identity commitment with psychological well-being among first-generation Asian Canadian university students in Canada (n = 78). Second, to gain a more nuanced understanding of the association between vertical collectivism and well-being, the authors also examined potential moderating effects of ethnic identity and cultural conflict. Results indicated that ethnic identity exploration and vertical collectivism were inversely associated with psychological well-being, whereas ethnic identity commitment was positively associated with psychological well-being. Moreover, ethnic identity exploration significantly moderated the association between vertical collectivism and well-being, whereas ethnic identity commitment did not. Specifically, the authors found a buffering effect of ethnic identity exploration such that among individuals who reported high ethnic identity exploration, vertical collectivism was not associated with lower psychological well-being. Implications for research and practice are discussed.