The current study examined the association of COVID-19 contraction worry for self and for family members with COVID-19 peritraumatic distress and loneliness in Chinese residents in North America. A sample of 943 Chinese residents (immigrants, citizens, visitors, and international students) in North America completed a cross-sectional online survey during the second wave of the COVID-19 pandemic (between January and February 2021). Univariate analysis of variance (ANOVA) models identified possible sociodemographic variables that were included in the subsequent hierarchical regression models. According to the hierarchical regression models, self-contraction worry was significantly associated with both COVID-19 peritraumatic distress (B = −4.340, p < 0.001) and loneliness (B = −0.771, p = 0.006) after controlling for related sociodemographic covariates; however, family-contraction worry was not significantly associated with the outcome variables. Additionally, poorer health status and experienced discrimination significantly predicted higher COVID-19 peritraumatic distress, whereas poorer health status and perceived discrimination significantly predicted increased loneliness. The results highlighted the detrimental impacts of self-contraction worry on peritraumatic distress and loneliness during the COVID-19 pandemic in Chinese residents in North America.