Drawing from two samples of Asian American emerging adults, one in an ethnically concentrated context (n = 108) and the other in an ethnically-dispersed, mainly White context (n = 153), we examined (a) how ethnic identity and other-group attitudes were related to psychosocial functioning (i.e., depression, self-esteem, and connectedness to parents) and (b) how these relations were moderated by context. Results (direct effects) indicated that ethnic identity predicted more positive functioning in terms of self-esteem and connectedness to parents, whereas other-group attitudes predicted more positive functioning in terms of self-esteem and depression. Furthermore, moderated effects indicated that the links with other-group attitudes did not vary with context but that the links with ethnic identity did. Ethnic identity was linked to more positive functioning in terms of depression and connectedness to parents only for those in the ethnically-concentrated context. These findings demonstrate how different types of functioning are differentially influenced by ethnic identity and other-group attitudes and by the contexts in which these identities and attitudes are embedded. (Contains 4 tables, 2 figures, and 1 note.)