Precarious political circumstances can take a mental toll on young people. Adopting a socio-ecological perspective, this study investigated the influence of stress arising from political life events, intrapersonal factors (i.e., meaning in life, resilience), interpersonal factors (i.e., social support, associational social capital), and community factors (i.e., perceived empowerment in the community, perceived opportunities for civic engagement) on the mental health of youth in Hong Kong. Furthermore, it examined the moderating effects of these factors on the relationship between stress arising from political life events and mental health. A cross-sectional quantitative survey with a stratified purposive sampling data collection method was conducted. A total of 1330 secondary school students were recruited for this study. Multiple regression analysis was performed to examine both direct and moderation effects. The results indicate that high stress arising from political life events, low meaningfulness in life, low resilience, low social support, low youth empowerment in the community, and high civic engagement in the community were related to high mental distress. None of the presumed moderators moderated the relationship between stress due to political life events and mental distress. Assessing and addressing stress due to political life events would be potentially important in mental health programs for Hong Kong adolescents in precarious political situations.