Adopting the constructs of exposure, reactivity, and recovery, from stress and coping frameworks, this study investigated three models of discrimination, adjustment, and ethnic/racial identity among 76 African American, 145 Asian American, and 129 Latinx adolescents who were majority United States-born. The sample includes adolescents sampled from public schools in a large urban area in the northeastern United States, 62% female and with an average age of 14.3 years. Multilevel analyses support an exposure effect (Model 1) where a higher level of ethnic/racial identity (ERI) commitment was associated with a 28% reduction in experiencing discrimination stress. The negative effects of discrimination were attenuated by ERI commitment and centrality/private regard, while effects were exacerbated by ERI exploration (Model 2). Two approaches investigated next-day and longer-term recovery from discrimination (Model 3). With the exception of positive mood and anxiety, the data support recovery from discrimination stress. Discrimination is discussed in the development and maintenance of health disparities.