Objective: Despite growing evidence that perceived discrimination negatively impacts underrepresented ethnic–racial college students, there is a lack of longitudinal studies with multiple sources of discrimination as Latinos transition from high school (HS) to college. This study examined changes in peer, adult, and everyday discrimination across the college transition and tested concurrent, prospective, and reciprocal associations between these sources of discrimination, internalizing symptoms, and grade point average (GPA). Method: Latino adolescents (N = 209; Mage at Time 1 = 18.10; 64.4% female; 85.1% Mexican descent) reported on discrimination experiences and internalizing symptoms during their final year of high school and first college semester. Participants’ GPA was obtained from institutional records. Longitudinal data were analyzed using cross-lagged panel models. Results: Adult discrimination remained stable while peer and everyday discrimination decreased from high school to college. All sources of discrimination were concurrently associated with internalizing symptoms, but not GPA, in high school and college. There were positive bidirectional associations between everyday discrimination and internalizing symptoms across the college transition. Adult discrimination during high school predicted increased discrimination from adults and peers in college. First-generation college students reported higher everyday and peer discrimination in college. Conclusions: Latino students’ experiences of everyday and ethnic–racial discrimination in school may be more closely tied to psychological rather than academic adjustment in the first semester of college. First-generation college students and those who experienced higher adult discrimination or internalizing symptoms in high school appear to be more susceptible to increased perceptions of discrimination during the college transition.