Research suggests that achieved ethnic identity has positive implications for the adjustment of Adolescents of Color. However, researchers know very little about whether (or how) the impact of achieved ethnic identity extends into college years. To explore this, our study examined the effects of ethnic identity on both social and academic adjustment of Students of Color at two large public research universities with distinct enrollment characteristics. Using multiple group analyses, we tested and confirmed the developmental significance of Phinney's conceptualization of achieved ethnic identity. In both university contexts, achieved ethnic identity related to academic adjustment for Students of Color. We found no differences in regression paths between the two institutional contexts, supporting the assertion that achieved ethnic identity plays a prominent role in student success for minoritized students across college contexts. Our study extends Phinney's theory of ethnic identity development to the study of college adjustment.