OBJECTIVE This study examined a longitudinal trend of mental health among young Asian Americans during the transition from adolescence to emerging adulthood and investigated explanatory factors of the trend. METHODS We longitudinally followed a cohort of Filipino American and Korean American youth and their families in Midwest since 2014 (N = 1,574 in Wave 1). This study used three waves of youth data (n = 781, M  = 15 in W1). RESULTS Depressive symptoms and suicidal ideation significantly increased among the samples between 2014 and 2018, which also became more serious in severity. Intergenerational cultural conflict in the family and the experience of racial discrimination significantly contributed to the upsurge of mental health distress. Conversely, a strong peer relationship and ethnic identity were critical resources suppressing both depressive symptoms and suicidal ideation. CONCLUSIONS This study substantiated a troubling upward trend in mental health struggles among young Asian Americans and demonstrated a significant additive influence of culture and race/ethnicity on mental health beyond the normative influences of family process and peers. These key factors should be targeted in intervention to better serve Asian American young people who may mask their internal struggles.