Longitudinal links between perceived racial discrimination and later conduct problems and depressive symptoms were examined among 714 African American adolescents who were 10-12 years old at recruitment. Data were gathered 3 times over a 5-year period. Hypotheses were tested via latent curve modeling and multiple-group latent growth modeling. Increases in perceived discrimination were associated with increased conduct problems and depressive symptoms. This association was weaker when youths received nurturant-involved parenting, affiliated with prosocial friends, and performed well academically. For conduct problems, the association was stronger for boys than for girls; for depressive symptoms, no gender differences emerged. The findings thus identify contextual variables that moderate the contribution of perceived discrimination to African American youths' adjustment.