US Latino/as experience high rates of discrimination, resulting in personal and relational distress. A sample of 238 Latino/a young adults (Mage = 25.37 years; 57.6% men; 54.4% Mexican) was used to investigate how perceived discrimination was associated with romantic relationship instability via young adults’ depressive symptoms. The moderating roles of ethnic identity and romantic relationship maintenance on these associations were examined. Greater relationship maintenance and ethnic identity affirmation were associated with less depression and relationship instability. Under conditions of high ethnic identity exploration and resolution, the association between discrimination and depressive symptoms was stronger, leading to greater relationship instability. The findings reveal that the protective roles of cultural and relational factors may depend on the stressor and outcomes examined.