Asian American students often report lower self-esteem than their peers from other racial groups even though they are doing better academically. The current study attempted to explore this paradox from an attributional perspective. Academic achievement, self-esteem and attributions for academic failures (i.e., low ability and low effort) were examined in an ethnically diverse sample of 3546 White, Black, Latino, and Asian American 8th grade students (Mage = 14.03 years) from California. Results showed that Asians had the highest grade point average but the lowest self-esteem among the four major racial/ethnic groups. Asians and Latinos also endorsed more low ability attributions than Whites and Blacks. The self-esteem gap between Asians and their White and Black peers was partly explained by more endorsement of low ability attributions. Implications for future research and interventions were discussed.