There are two prominent but seemingly contradictory symbols of how Asians are racialized domestically within the United States: “yellow peril” and “model minority.” How do these two racial tropes relate to each other? What effects do they have on the formation of support for race-targeted public policy? In this paper, we propose and empirically test that racialized resentment toward Asian Americans and the congratulatory framing of them as a model minority are both salient in the minds of the American public, reflecting the complexity of prejudices toward Asians in American society. Utilizing two original survey-based measures of anti-Asian resentment and the model minority stereotype, we empirically demonstrate the interconnection between the two racial tropes and highlight the key demographic and dispositional correlates of these multi-faceted contemporary racial attitudes toward Asian Americans. We then show that the two racial tropes, both independently and by interacting with each other, significantly shape racial public policy preferences in the United States.