Familism values promote the positive adaptation of Latinx youth, but few studies have examined potential indirect effects associated with these positive effects. In emerging immigrant communities, where fewer resources are available to youth and families to maintain cultural values and ties, familism may be especially important. In this study of 175 primarily second-generation Latinx youth in such a community, we tested whether familism values were indirectly associated with adolescent outcomes through positive parent-child relationships, private racial/ethnic regard, meaning in life, and support seeking coping. Familism values were associated with greater academic motivation. Additionally, there were significant indirect effects in terms of positive parent-child relationships explaining the links between familism and fewer parent-reported externalizing symptoms, and for meaning in life explaining the links between familism and fewer depressive symptoms and greater academic motivation. Familism was also associated with greater support seeking coping, but this was associated with greater depressive symptoms. Our study suggests that in an emerging immigrant community familism values are primarily associated with positive adaptation through distinct mechanisms.