Discrimination is a chronic stressor linked to adverse health outcomes, particularly in racial and ethnic minorities. Understanding associations between early discrimination and the brain in childhood may help identify mechanisms through which discrimination impacts future health. Data from 4512 children (ages 9-11) and a subsample of Black, Indigenous, and People of Color (BIPOC; N = 1567) from the Adolescent Brain and Cognitive Development (ABCD) Study® was used to create linear mixed-effects models that evaluated associations between Perceived Discrimination (PD) and amygdala resting-state fMRI connectivity (AC) to the salience network (SN), default mode network (DMN), and thalamus. PD was measured using the youth self-reported PD Scale. Results indicated that greater PD significantly predicted greater AC to the right thalamus in our full sample. In secondary analyses, environmental and behavioral factors were evaluated as potential moderators for associations significant at least at a trend level in both our full sample and BIPOC subsample. In our BIPOC subsample, traumatic events experienced moderated the relationship between PD and AC to the anterior cingulate cortex (ACC; SN), such that greater traumatic experiences predicted stronger positive associations between PD and this connection. Results suggest PD impacts neural connections in early life, highlighting the need to consider the impact of discrimination on risk for psychopathology.