Because racism and discrimination are still prevalent in the U.S., major research organizations for child development have called for research that details Black, Indigenous, and People of Colors' (BIPOC) developmental experiences and promotes social change. One developmental task relevant to BIPOC teens is ethnic identity formation, which concerns how an individual mediates the meaning of their ethnicity for themselves and within society. This study investigated whether discrimination, internalizing symptomology, parent socialization, and/or interactions of these variables influenced teen ethnic identity, specifically in exploration, resolution, and affirmation to illuminate nuanced ways BIPOC youth can achieve positive ethnic identity. Surveyed participants were adolescents (n = 353, Mage = 15.28, SD = 1.68; 51.6% male) of diverse racial/ethnic groups and socioeconomic backgrounds from all regions of the U.S. Using linear regression, results showed a negative relation between internalizing symptomology and exploration, a positive relation between parent socialization and exploration, a positive relation between parent socialization and resolution, and a negative relation between internalizing symptomology and affirmation. There were also two significant interactive effects such that (1) discrimination had a more negative relation with affirmation under condition of high internalizing, and (2) parent socialization had a more positive relation with affirmation under condition of high internalizing. Results evidence development of ethnic identity in adolescence is subject to multiple interactive influences. Findings highlight an at-risk group of adolescents with higher internalizing symptomology that may need special consideration as they navigate their ethnic identity and experience discrimination. Results also suggest that parents significantly impact their child's ethnic identity outcomes.