Familism, a Latino value that promotes loyalty, cohesiveness, and obedience within the family, predicts improved outcomes for Latino adolescents. However, few studies have tested whether familism serves a protective role when adolescents are facing stress. We examined whether familism predicted psychosocial outcomes in the context of stress, and whether familism moderated the relationship between peer discrimination, acculturative stress, and economic stress predicting these outcomes in a sample of 173 Latino adolescents. Familism was associated with fewer depressive symptoms and greater school attachment, but it did not moderate the relationship between any of the stressors and outcomes. Discrimination was associated with greater depressive symptoms, worse school attachment, and greater perceived barriers to college, but socioeconomic stress and acculturation stress did not uniquely predict these outcomes once taking into account discrimination. Thus, although familial culture values lead to improved outcomes in youth, they are unable to counter the detrimental effects of discrimination.