Objective: The purpose of this study was to test a conceptual framework examining the interrelationships among campus climate, sense of belonging, anxiety, depression, and flourishing using a sample of Asian American graduate students. Methods: Secondary analysis of the Healthy Mind Study data from Fall 2019-Spring 2020 was conducted using a path analysis controlling for gender and perceptions of current financial situation as stressful. Results: Findings indicated that neither campus climate measured as perceptions of the climate for students from diverse backgrounds nor campus climate measured as perceptions of overall campus climate directly affected any of the outcome variables. Moreover, it was found that sense of belonging fully mediated the relationship between each campus climate and outcome variable. Conclusions: Sense of belonging is important to consider when evaluating campus climate and mental health outcomes among student populations. There are implications for college administrators responsible for diversity, equity, and inclusion initiatives and programs.