<p>Asian American emerging adults encounter unique psychological challenges, including pressures from the model minority stereotype, experiences of racial discrimination, heightened risk of social isolation, and family conflicts stemming from the cultural values differences across generations. Previous research suggests that ethnic-racial identity and self-esteem serve as foundational factors in addressing these challenges and promoting life satisfaction among Asian American emerging adults. This study examined the structural relationships among ethnic-racial identity exploration, identity commitment, self-esteem, and life satisfaction, with a particular focus on the mediating role of self-esteem. Multi-group structural equation modeling was conducted to examine these associations across gender and generational groups. The study included 544 Asian American emerging adults between the ages of 18 and 24. Results revealed that exploration had a direct positive effect on life satisfaction, whereas commitment significantly predicted self-esteem. Furthermore, exploration indirectly enhanced life satisfaction through its impact on commitment and self-esteem. Interestingly, these paths differed by generational status but not by gender. However, significant mean differences in ethnic-racial identity and self-esteem were observed across gender and generational subgroups. Our findings highlighted the complementary roles of ethnic-racial identity exploration and commitment in fostering psychological well-being. In the discussion, we proposed the implications for developing tailored interventions that consider gender and generational status to better support the mental health of Asian American emerging adults.</p>