<p>Many gender minorities conceal their identity to escape structural and social stigma and protect their own mental health, yet their concealment strategies remain poorly understood. We argue that gender identity concealment and assigned sex concealment represent discrete concealment pathways with distinct mechanisms and consequences. A convenience sample of 185 transgender and gender diverse Australian adults completed an online survey exploring gender identity concealment and assigned sex concealment. Scores representing active concealment and disclosure were calculated for each concealment pathway. Score distributions and discriminant validity statistics confirmed that gender identity concealment and assigned sex concealment were neither interchangeable nor mutually exclusive. gender identity concealment was associated with decreased social support and assigned sex concealment with increased discrimination. Only gender identity concealment was related to depression—participants who did not attempt to conceal their gender identity at all were significantly less depressed than those who did. Assigned sex concealment was not associated with psychological well-being and was thus preferable as an alternative coping mechanism. Gender identity concealment and assigned sex concealment did not share a correlation on any of the tested variables, suggesting that they produce dissimilar psychological outcomes and that results published in studies conflating the two have been skewed. In the long term, eliminating social stigma against gender minorities may disincentivise gender identity concealment and combat mental health disparities in the trans community. Meanwhile, barriers to assigned sex concealment (e.g., unequal access to gender-affirming healthcare interventions) must be addressed.</p>