["Journal of Research on Adolescence, Volume 36, Issue 2, June 2026. ", "\nAbstract\nThis study examined how sexual and gender identity development experiences, commonly operationalized as “milestones,” were navigated by Gen‐Z LGBTQ+ young people. Using a life‐history calendar approach, milestone‐related experiences were treated as heuristic sites of meaning‐making rather than fixed developmental benchmarks. Participants were a sample of 51 Australian LGBTQ+ young people (ages 16–26), purposively recruited from a larger quantitative study, who participated in semi‐structured interviews conducted from May to September 2023. Participants reflected on their identity development experiences across childhood and adolescence. Interviews were analyzed using reflexive thematic analysis. Findings indicate that identity‐related experiences were often iterative and context‐dependent, with meanings shifting across time, relationships, and social environments. Rather than unfolding as linear sequences, experiences such as self‐identification, disclosure, and relationships were frequently revisited, deferred, reinterpreted, or resisted. Relational contexts, visibility, and experiences of affirmation or invalidation shaped how and when these experiences acquired significance. The study offers qualitative insight into dimensions of identity development that complement population‐level milestone research and have implications for research, policy, and practice.\n"]