Little is known is about the impacts of covert and overt discrimination and the protective factors for depression and suicide among LGBTQ students. Using multivariable regression analyses of a national sample of cisgender lesbian, gay, bisexual, and queer students and trans* students (n = 776), we examined the association between mental health and microaggressions, victimization, psychological resilience, pride, and outness. In models of all risk and protective factors, interpersonal microaggressions was a risk factor for depression and attempted suicide among cisgender LGBQ students and was also a risk factor among trans* students for depression. In all but 1 model, resilience was a protective factor. Resilience moderated the microaggressions-suicide relationship among cisgender LGBQ students, whereas pride moderated the victimization-depression relationship among trans* students.