Gay-Straight Alliances or Gender and Sexuality Alliances (GSAs) are school clubs that address LGBTQ issues. Although little is known about potential benefits of participation in GSAs, there is some evidence that they may generally benefit LGBTQ student well-being and academic achievement. However, some literature suggests GSAs may not meet the needs of LGBTQ students of color. The current study explores whether GSA participation is related to psychosocial well-being, whether GSA participation moderates the relationship between victimization based on sexual orientation and well-being, and whether these relationships differ by race/ethnicity. The sample included 11,164 LGBTQ secondary school students who have a GSA at their school, and who reported on GSA participation, verbal harassment based on sexual orientation, and psychosocial indicators (depression, self-esteem, and school belonging). Participation in GSAs was related to greater school belonging, but was not related to self-esteem and depression. The associations between GSA participation and verbal harassment based on sexual orientation on psychosocial well-being did not differ by race/ethnicity. The findings provide an important first step in re-thinking and re-examining how GSA participation may be helpful for LGBTQ students. Implications for school policy and practices are discussed.