Sexual and gender minority (SGM) youth of color--in particular Latinx SGM youth--experience higher incidents of bullying compared to heterosexual and cisgender White youth. These disparities oftentimes explain increased negative mental health outcomes, such as depression. Parental acceptance may be a particularly important buffer to the effects of bullying on negative mental health outcomes among Latinx SGM youth. In a sample of 1,005 Latinx SGM youth (ages 13-17), we assessed: (a) the prevalence of parental acceptance and bullying, (b) the influence of bullying on depression, and (c) whether the relationship between bullying and depression was moderated by parental acceptance. Results showed that, on average, Latinx SGM youth reported rarely experiencing parental acceptance, frequently experiencing symptoms of depression, and frequently being bullied. Findings revealed that parental acceptance and bullying were significantly related to depression. Furthermore, there was no interaction between parental acceptance and bullying on depression. Findings have implications for how different Latinx cultural values may be further considered to better understand Latinx SGM youth's perception of their parental figure's acceptance of their sexual and gender identity and its role on bullying and depression.