Research has linked experiences of personal discrimination with negative mental health consequences, but less is known about the role of group stigma (perceived stigma against one’s group as a whole). The theoretical literature has offered mixed predictions. The present study examined the independent and interactive effects of group stigma and personal discrimination on depressive symptoms and suicidal ideation in a sample of gay and bisexual men (N = 986). Experiences of personal discrimination predicted depressive symptoms and suicidal ideation regardless of group stigma. However, group stigma was associated with depressive symptoms contextually—only when level of perceived personal discrimination was low. Personal discrimination may be a relatively more powerful force in the lives of stigmatized group members that overwhelms the influence of group stigma in harming mental health.