The immigrant paradox in childhood and adolescence is a population‐level phenomenon wherein U.S.‐born youth (or more highly acculturated immigrants) have less optimal developmental outcomes than newcomer immigrant youth. These patterns, which hold true after accounting for the generally lower income and parent education levels among first‐generation immigrant families, have existed for decades in the United States. In this article, we address this topic in child development research, offering insights into studies to explain why the paradox occurs from the standpoint of both risk and resilience. We also present ideas for research and implications for developing policies and methods for effective practice with immigrant families.