Can perceptions of equal treatment buffer the negative effects of threat on the school success of minority students? Focusing on minority adolescents from Turkish and Moroccan heritage in Belgium (M[subscript age] = 14.5; N = 735 in 47 ethnically diverse schools), multilevel mediated moderation analyses showed: (a) perceived discrimination at school predicted lower test performance; (b) experimentally manipulated stereotype threat decreased performance (mediated by increased disengagement); (c) perceived equal treatment at school predicted higher performance (mediated by decreased disengagement); and (d) personal and peer perceptions of equal treatment buffered negative effects of discrimination and stereotype threat. Thus, (situational) stereotype threat and perceived discrimination at school both undermine minority student success, whereas perceived equal treatment can provide a buffer against such threats.