Perceived racial discrimination (PRD) has been documented as a risk factor for worse psychological well-being among African Americans. Yet, most researchers have not examined how trajectories of PRD during emerging adulthood shape psychological well-being in adulthood. Moreover, less is known about whether demographic factors and components of racial identity shape PRD over time. We identified trajectories of PRD among 605 African American emerging adults and examined whether PRD trajectories were associated with depressive symptoms, anxiety symptoms, and perceived lack of control in adulthood. Four trajectories of PRD were identified (i.e., high-stable, moderate-declining, low-rising, and low-stable), and demographic factors and racial identity indicators influenced the likelihood of trajectory classification. In addition, members of the moderate-declining trajectory exhibited higher levels of depressive symptoms, anxiety symptoms, and perceived lack of control than members in the low-stable trajectory. Our findings suggest that changes in PRD in emerging adulthood can extend our understanding of psychological well-being in adulthood.