Assimilation research has a long history in sociology, much of it focusing on behavioral and structural outcomes. Recent qualitative work examines the subjective dimension of assimilation by focusing on subjective experiences of social inequality in a race-conscious society. I adapt the idea of subjective assimilation to the context of racial inequality and argue that the extent to which racial minority children of immigrants suffer negative mental health outcomes depends on the degree to which they are subjectively assimilated. I test my hypotheses using a fixed-effects regression model and data from the Children of Immigrants Longitudinal Study. My findings partially support my hypotheses and suggest that the relationship between subjective assimilation and mental health varies across racial groups. I conclude by discussing future research.