Introduction <p>Older adults perceive discrimination across interpersonal, community, and structural levels, contributing to a wide range of adverse health outcomes. The present study investigated the racial/ethnic differences in perceived discrimination, social capital, and depressive symptoms, and the direct associations of perceived discrimination and social capital with depressive symptoms, as well as the moderating role of social capital, among community-dwelling older adults from different racial and ethnic backgrounds.</p> Methods <p>Data were drawn from Round 3 of the National Social Life, Health, and Aging Project (NSHAP), comprising 2,988 non-Hispanic White, 719 non-Hispanic Black, and 499 Hispanic older adults. The primary explanatory variables were perceived discrimination and social capital, measured by social cohesion, social ties, and safety. The dependent variable was depressive symptoms. Bivariate tests and multivariate ordinary least squares (OLS) regressions were employed in analyses.</p> Results <p>The findings suggested that more frequent experiences of discrimination and lower levels of social capital were associated with higher depressive symptoms across all racial and ethnic groups. Significant interactions were found between perceived discrimination and social cohesion among non-Hispanic Whites and Hispanics, indicating that higher social cohesion buffered the negative effects of discrimination on depressive symptoms in these groups. No significant moderation effects were found among non-Hispanic Black older adults.</p> Conclusion <p>These findings reinforce the importance of fostering social capital as a pathway to protecting mental well-being against discrimination in later life. Efforts to promote age-friendly communities that strengthen social cohesion, enhance social connectedness, and create inclusive environments may reduce the mental health burden of discrimination and support healthier aging for diverse groups of older adults.</p>