How positively adolescents believe others feel about their ethnic‐racial group (i.e., public regard) is an important part of their ethnic‐racial identity (ERI), which is likely informed by contextual and individual factors. Using cluster analyses to generate ERI statuses among Black, Latino, and White adolescents (n = 1,378), we found that associations between peer versus adult discrimination and public regard varied across ERI status and ethnic‐racial group. However, among all adolescents, an achieved ERI (i.e., having explored ethnicity‐race and having a clear sense about its personal meaning) buffered the negative association between adult discrimination and public regard, but not between peer discrimination and public regard. Implications for understanding the interplay between contextual and individual factors for public regard are discussed.