Perceived discrimination can be harmful to migrant adolescents in China. However, little is known about the processes through which discrimination may be linked to decreased well-being in Chinese migrant adolescents. This study examined the relationship between perceived discrimination and three indices of psychological well-being (self-esteem, life satisfaction, collective self-esteem) in 798 Chinese migrant adolescents (49.4% from public schools). Group identity affirmation and belonging (GIAB) was examined as a protective factor that was expected to alleviate the negative effects of perceived discrimination on well-being, and the type of school was investigated as a potential moderator of the associations of interest. The results indicate that perceived discrimination was negatively linked to the three indices of psychological well-being and that the negative effects of perceived discrimination on psychological well-being were particularly salient for migrant adolescents attending public schools. Additionally, GIAB emerged as a protective buffer against perceived discrimination's negative effects on collective well-being.