Asian Americans are believed to be immune to social barriers and challenges, because of their successes in the U.S. society. This belief, also known as the model minority myth, has caused Americans including Asian Americans themselves to believe that they are not faced with social challenges such as racism. The goal of this study was to examine the relationship among acculturation, racial identity, social context and sociopolitical awareness. Series of multiple regressions were conducted to examine the predictive model. The findings suggested three plausible models of perceived racism among Asian Americans. First two models suggested that racism should be distinguished from stereotypes. Third possible model suggested that racial identity and social context may mediate the relationship between assimilation and perceived racism. The study’s psychological and societal implications are discussed.