Objective Although some survivors of childhood cancer report significant psychosocial distress, many also report having derived benefits, or post‐traumatic growth (PTG), from their cancer experience. This study examines PTG and its correlates among an ethnically diverse sample of adolescent/young adult (AYA) cancer survivors who have recently completed treatment. Methods Survivors of childhood cancer (n = 94; 47% Hispanic), ages 11–21 and within 6 months of completing cancer therapy, were recruited from three pediatric cancer centers. Participants completed a structured interview that assessed demographics, PTG, post‐traumatic stress symptoms, health‐related quality of life, optimism, and depressive symptoms. Diagnosis/treatment information was collected from each patient's medical record. Multiple regression analyses were used to identify significant correlates of PTG. Results The majority of survivors reported positive growth. PTG was positively associated with psychosocial functioning and post‐traumatic stress symptoms and inversely associated with physical functioning and depressive symptoms. PTG was significantly lower among survivors of bone tumors (vs. survivors of other cancers) and Hispanic survivors who primarily spoke English at home (vs. Hispanics who primarily spoke Spanish at home and non‐Hispanics). PTG was not significantly related to age, sex, optimism, cancer treatment modality, duration of treatment, or treatment intensity. Conclusions The AYA survivors commonly reported PTG in the immediate aftermath of cancer treatment. Findings regarding PTG among more acculturated Hispanic and bone tumor AYA survivors may help to inform risk‐adapted clinical interventions, among those transitioning from active treatment to post‐treatment surveillance, to mitigate negative long‐term sequelae and enhance positive psychosocial adaptation from the cancer diagnosis and treatment. Copyright © 2013 John Wiley & Sons, Ltd.