The present study investigated the direct and additive effects of racial minority stress and sexual minority stress on the psychological well-being among a community sample of 139 Asian American gay men. Self-esteem was tested to see whether it moderated or mediated the effects of perceived dual minority stress on psychological distress. Results revealed that sexual minority stress predicted self-esteem and both were predictors of psychological distress. Racial minority stress did not predict psychological distress. Contrary to the minority stress model existing in the current literature, the added disadvantages of racial/ethnic minority status did not increase Asian American gay men's psychological distress. Self-esteem did not mediate or moderate the relationships between minority stresses and psychological distress. These findings highlight the robust effects of stresses related to one's homosexuality on psychological well-being and suggest that self-esteem may not always protect against multiple discriminations for Asian American gay men. (Contains 4 tables and 1 figure.)