Although suicide is the second leading cause of death among adolescents, research revealing potent predictors of suicidal thoughts above and beyond the effects of depressive symptoms is limited, especially among racial and ethnic minority youth. This prospective study examined two subtypes of racial/ethnic discrimination (i.e., overt and more subtle forms), among African American and Latinx youth. Both African American (n = 85) and Latinx (n = 73) adolescents completed measures of perceived discrimination, suicidal ideation, and depression at baseline (9th-grade spring) as well as a measure of suicidal ideation 1 year later. Factor analyses revealed subscales reflecting both overt and more subtle forms of racial/ethnic discrimination, consistent with the concept of microaggressions. Findings revealed that subtle forms of discrimination were concurrently associated with suicidal ideation among African American and Latinx youth and were prospectively associated with suicidal ideation among African American adolescents, above and beyond the effects of depressive symptoms. Findings underscore the deleterious effects of subtle forms of discrimination on adolescents' risk for suicidal thoughts.