High school students enroll in Advanced Placement (AP) courses and take AP exams for a variety of reasons. However, a lack of information about the extent to which there are incremental benefits associated with taking multiple AP exams has fostered a perception that students must take many APs to be prepared for college. Conversely, many American students graduate from high school without even one AP, raising questions about whether such experiences should have been more strongly encouraged. Our article investigates the incremental gains in college student outcomes that are associated with taking and performing well on numerous AP exams. Using postsecondary transcript records, we examine the relationships between college outcomes (first-year grades and bachelor's degree attainment) and AP (number of AP exams taken and number of AP exams with passing scores of 3 or higher). After controlling for achievement, demographic characteristics, and other factors, we find that the biggest predicted boost in first-year grades and on-time bachelor's degree attainment are associated with AP participation changing from zero to one AP exam and from one to two AP exams. Taking and performing well on more than four to six AP exams does not markedly alter predicted first-year college grades and on-time bachelor's degree attainment rates.