The prevalence of mental health problems among young adults is widely recognized. However, limited research has examined the mental health of Arab American young adults specifically. To address this gap in the literature, this study aimed to investigate the effects of multiple stressors including adverse childhood experiences (ACEs), discrimination, and bullying victimization on the mental health of first‐ and second‐generation Arab American young adults. The participants (N = 162) were recruited from a Midwest university using online and in‐person methods. They were screened and completed a demographic questionnaire and self‐report measures of ACEs, discrimination, bullying victimization, and mental health. Hierarchical multiple regression analysis was conducted to examine the effect of psychosocial stressors on mental health and the moderating effect of generation (first vs. second) on that relationship. Female gender, increased perceived discrimination, and more ACEs were associated with lower mental health scores (β = −0.316, p < 0.001, β = −0.308, p < 0.001, and β = −0.230, p = 0.002, respectively). There was a significant negative relationship between victimization and mental health for first‐generation Arab Americans (β = −0.356, p = 0.010). However, that association all but disappeared for second‐generation participants (β = 0.006, p = 0.953). The results highlight the impact of multiple adversities on Arab American young adults' mental health and indicate important nuances related to their generation in the association between bullying victimization and mental health. Implications for practice and future research are discussed.