The present study examined the association between students' perceptions of an equitable school climate and several psychosocial outcomes and tested whether these associations were moderated by students' race and gender. Data from 57,027 6th-12th grade students were analyzed using three-level models. Students who perceived their school to have a more equitable climate experienced greater psychosocial outcomes: low endorsement of retaliatory aggressive beliefs, low stress, and high future aspirations. Moderation analyses consistently demonstrated that the effect of an equitable school climate on students' psychosocial outcomes was weaker for Black students than White, Latinx, and Asian students. Gender also served as a moderator for some outcomes, with the effect of equity on stress stronger for girls than boys, and the effect of equity on future aspirations stronger for boys than girls. [This paper will be published in "School Psychology Review."]