Drawing on Garcia Coll et al.'s integrative framework and the risk and resilience model, this study examined the relationships between adolescents' perceived discrimination and psychosocial adjustment and the moderating roles of adolescents', mothers', and fathers' cultural orientations and values, and adolescent gender in a sample of 246 Mexican-origin families. Using multilevel modeling with data from mothers, fathers, seventh graders (M[subscript age] = 12.8 years; SD = 0.57 year) and older siblings (M[subscript age] = 15.7 years; SD = 1.5 years), findings revealed that perceived discrimination was positively related to depression, risky behaviors, and deviant peer affiliations. In addition, parents' cultural orientations and values and adolescent gender moderated the relationships between perceived discrimination and some indicators of adjustment. These findings suggest that parents' cultural orientations and values can serve as protective and vulnerability factors in the associations between Mexican-origin adolescents' perceived discrimination and their psychosocial adjustment.