Experiences of racial/ethnic discrimination are all too common in the lives of adolescents of color. In this article, I identify who is at risk for discriminatory treatment and describe the far‐reaching effects of discrimination on adolescents' adjustment, including their mental and physical health, academic performance and engagement, and risky behaviors. After establishing the impact of racial/ethnic discrimination during adolescence, I then address how personal relationships and individual assets can protect youth from some of the detrimental effects of discrimination. Finally, I discuss the limits of research on this topic and explore promising areas of inquiry, including the contexts in which discrimination occurs and the potential for interventions to reduce discrimination.