The present study examined whether two dimensions of racial ideology, specifically nationalist ideology and assimilationist ideology, moderate the link between racial discrimination and a comprehensive measure of psychological well-being (i.e., well-being, self-esteem, and depressive symptoms). The purpose was to understand how each ideology may be a risk or protective factor. The study was conducted with 339 African American college students attending a large ethnically diverse minority-serving institution. Results revealed that frequency of perceived racial discrimination was linked to poor psychological well-being. Nationalist ideology was not associated with psychological well-being outcomes and assimilationist ideology was associated with poor psychological well-being. Contrary to hypotheses, racial ideologies did not buffer or exacerbate the link between racial discrimination and psychological well-being. This study emphasizes the importance of examining multiple indicators of psychological well-being and suggests that future work should consider the influence of a multicultural context when studying racial processes among college students.