Although research has overwhelmingly demonstrated the negative consequences of perceived racial-ethnic discrimination on children's and youth's well-being and academic outcomes, context- and perpetrator-specific discrimination experiences are rarely disaggregated. Racial-ethnic discrimination in the school environment is common, and the perpetrators are often teachers who may treat racial-ethnic minority students unfairly. This work used a three-level multilevel approach to meta-analytically synthesize existing evidence with the aim to (a) document the links between perceived teacher-based racial-ethnic discrimination (TBRED) and students' psychological, behavioral, and physical well-being, substance use, grade point average and school motivation, and (b) to examine whether these associations differ by sample and study characteristics. Based on 68 studies and 259 effect size estimates, we found that perceived TBRED is linked to lower well-being (r = -0.15, 95% confidence interval [CI] [-0.18, -0.12]), higher substance use (r = 0.13, 95% CI [0.06, 0.20]), and lower academic performance (r = -0.16, 95% CI [-0.20, -0.13]) with substantial heterogeneity across effect sizes. Similarly, TBRED had small-to-medium negative associations within each domain of well-being and academics. The results were partially moderated by school racial-ethnic composition, suggestive of a protective function of a higher concentration of racial-ethnic minority students. In addition, more reliable scales and a greater number of items measuring TBRED were associated with stronger negative correlations with well-being. These findings highlight the importance of increasing awareness around issues of racism and discrimination in initial teacher training and professional development. We encourage further exploration of effect size heterogeneity and call for research on TBRED outside the United States.