In the present study, we examined the additive and multiplicative associations of heterosexist discrimination, racist discrimination, internalized heterosexism, and internalized racism with psychological distress and well-being in 318 sexual minority People of Color. We tested multiplicative associations via two sets of interactions: cross-oppression (Heterosexist Discrimination × Internalized Racism, Racist Discrimination × Internalized Heterosexism) and same-oppression (Heterosexist Discrimination × Internalized Heterosexism, Racist Discrimination × Internalized Racism). Consistent with the additive perspective, heterosexist discrimination and internalized racism were uniquely positively associated with distress, whereas internalized heterosexism and internalized racism were uniquely negatively associated with well-being. The Heterosexist Discrimination × Internalized Racism and Racist Discrimination × Internalized Racism interactions were significant in relation to both distress and well-being. Internalized racism was associated with significantly poorer mental health until heterosexist and racist discrimination reached high levels. We discuss the implications of our findings for research and practice with sexual minority People of Color.