Experiences of racial and ethnic discrimination pose significant threats to the development and well‐being of racial and ethnic minority children. Fortunately, not all youth who experience discrimination are susceptible to its harmful effects. Growing evidence points to several racial and ethnic factors that promote positive youth development and protect against the potentially damaging effects of racial and ethnic adversity. This article summarizes emerging research trends and conclusions regarding the “promotive” and “protective” effects of racial and ethnic identity, ethnic‐racial socialization, and cultural orientation, as well as some of the mechanisms that may account for their salutary properties. The article concludes with a brief discussion of important considerations and directions for the future study of racial and ethnic resilience processes in ethnic minority youth.