In the current study, we explored patterns of change in Black emerging adults' racial identity beliefs during the transition to adulthood, assessed neighborhood racial composition effects on Black emerging adults' racial identity beliefs, and tested the moderating effects of neighborhood racial composition on the associations between Black emerging adults' racial identity beliefs and depressive symptoms over time. Participants in the current study included 570 Black adolescents (52% female) who were transitioning into adulthood (senior year of high school through 5 years post-high school). We did not find average patterns of change in Black emerging adults' racial identity beliefs over time. Further, neighborhood racial composition did not predict participants' beginning status or growth in racial identity beliefs over time. We, however, found evidence that neighborhood racial composition may moderate the associations between Black emerging adults' racial identity beliefs and symptoms of depression over time. Findings from the current study underscore the importance of considering how the larger social context may interact with individuals' racial identity beliefs to influence Black emerging adults' psychological health. (Contains 2 tables, 2 figures and 1 footnote.)