Objectives: Latinx and Asian people are experiencing an elevated rate of immigration status-related oppression—both systematically and individually—despite actual nationality, and this type of cultural stressor has seen a rampant increase recently in the United States. We aimed to assess the relation and effect of immigration status microaggressions on psychological stress and some mechanisms connected to these experiences. Method: Using a sample of Latinx and Asian college students (N = 776), we unpack the relationships between individual cultural stressors, such as immigration status microaggressions, and psychological stress, by exploring their mediating relation with internalized racism (Mediator 1), and fear of foreign objectification (Mediator 2), using Hayes’s (2012) PROCESS Model 6—serial mediation. Furthermore, we expanded on this model, highlighting differences between Latinx and Asian participants (moderator) using a moderated mediation. Results: Findings suggest a full serial mediation. Specifically, the psychological stress associated with immigration status microaggressions was mediated by internalized racism and fear of foreign objectification. Results also highlighted that Latinx participants, compared to Asian ones, showed a significant positive association between immigration status microaggressions with internalized racism and fear of foreign objectification. Furthermore, a significant interaction for Latinx who experience more fear of foreign objectification was positively associated with psychological stress. Indirect effects for each group are discussed. Conclusion: Our study is one of the first to explore cultural stress in the form of immigration status microaggressions in connection with more general forms of psychological stress and internalizing processes for two groups historically persecuted around immigration in the United States.