Despite their significant and growing demographic importance, U.S. Latina/o youth are rarely the focus of research and almost never studied from a perspective that reflects counseling psychologists’ emphases on social justice and the strengths of individuals. Such a perspective is likely to result in more effective approaches to the understanding and prevention of adverse outcomes and can expand the understanding of variables that have been traditionally used to study U.S. Latina/o youth. In this study, two specific asset variables—leadership and social responsibility—were used to test hypotheses about the role of biculturalism in adaptive psychological functioning among U.S. Latina/o youth. Results suggest that bicultural identity is meaningfully associated with asset variables, whereas bicultural involvement is not. Implications for research and practice are discussed.