Academic achievement among Latino adolescents was examined to determine what contextual factors contribute to school success. ANCOVA analyses indicated that lower levels of perceived discrimination and a higher sense of school belonging were associated with better grades. Neighborhood social capital was not associated with school grades. More adaptation stress was associated with lower grades for US-reared students, but it was not associated with grades for more recent Latino immigrants. The findings suggest that discrimination, school belonging, and adaptation stress play an important role in academic achievement among Latino youth. They also suggest that immigrants may be more academically resilient than their second generation peers in the face of adaptation stress.