This study examined the hypotheses that contingent self‐esteem would be positively associated with alcohol‐related problems and that global self‐esteem would be negatively associated with such problems. It also examined the hypothesis that high stress and maladaptive coping would mediate these relationships. A sample of college students (n = 399) who were predominantly Hispanic (89%) completed measures of global and contingent self‐esteem; stress and coping; and alcohol‐related problems. Correlational and latent variable analyses indicated that contingent self‐esteem positively related to alcohol‐related problems, with maladaptive coping mediating this relationship. In contrast, global self‐esteem negatively related to such problems, a relationship that was also mediated by maladaptive coping and stress. Overall, the results highlight the potentially harmful consequences of contingent self‐worth and the adaptive nature of non‐contingent self‐esteem. They also demonstrate the important role that coping plays in mediating self‐esteem's associations with alcohol‐related problems. Copyright � 2012 John Wiley & Sons, Ltd.