The focus on racial injustice in ethnic minority psychology recognizes a need to understand the effects of racism experienced by Asian Indians in the U.S. Utilizing a mixed-method approach with 102 first and second generation Asian Indians, we examined (a) when and why race and ethnicity are salient for Asian Indians, (b) the mediating roles of racial identity and ethnic identity, and (c) the moderating roles of generational status and racial socialization on the relationship between racism related stress, self-esteem and coping. Qualitative analyses revealed distinct and overlapping themes related to race and ethnicity highlighting the relevance of both constructs to participants. Quantitative analyses revealed racial identity to be a significant mediator in the relationship between racism related stress, self-esteem, and coping. Neither generational status nor racial socialization experiences moderated this relationship. Implications of these findings for research and clinical intervention with Asian Indians are discussed.