Adolescents who immigrate face particular adjustment challenges. This study investigated (a) levels of wellbeing and depression in migrant adolescents and their Australian native counterparts, (b) associations between adjustment and four psychosocial resources, and (c) moderating effects of country of birth on the relationships between these resources and adjustment indices. The sample (N = 327) included students born in Australia, English-speaking countries other than Australia, and non-English-speaking countries. Students born outside of Australia in English-speaking countries reported highest mean levels of wellbeing and ethnic identity. Ethnic identity did not have the expected protective effects on migrant adolescent adjustment. In contrast, a sense of school membership affected Australian-born adolescents more positively than it did their overseas-born peers. The results raise questions regarding sources of support and connectedness that might particularly help migrant adolescents.