The purpose of this study was to examine the extent to which racial contexts moderate the importance and function of intragroup skin-tone stigma among Black Americans. One hundred and thirty-two Black students were recruited from both a predominantly Black university and a predominantly White university and completed measures on skin tone, skin-tone importance, peer-group acceptance, self-esteem, and racial identification. The authors found that Black students in the predominantly Black university placed significantly higher importance on skin tone than Black students in the predominantly White university. Furthermore, both higher perceived peer acceptance and higher self-esteem were correlated with darker skin tone at the Black university but not at the White university. However, stronger racial identity was equally correlated with darker skin tone in both contexts. The results of this study suggest that the importance of skin tone is moderated by racial context.