Familism is a core Latino value that emphasizes close family relationships and prioritizing of family before the self. Familism has implications for well-being and health, but it is not clear whether these values are generally beneficial or beneficial under stress. We examined whether the associations of familism with well-being/health were consistent with a main effect or stress-buffering model in Latinos and non-Latinos. Latino (n = 171), European (n = 225), and East Asian Americans (n = 415) completed measures of familism, stress, well-being, and health. In terms of general benefits, familism was negatively associated with loneliness, depression, and physical symptoms. In terms of stress-buffering benefits, the combination of high familism with high stress was associated with higher self-esteem and subjective health than the combination of low familism with high stress. These patterns were consistent across groups, suggesting that familism can be beneficial for Latinos and non-Latinos.