The experiences of U.S.-raised Asian students (URAS) and non–U.S.-raised Asian students (NRAS) in college are similar, yet different because of their differences in cultural upbringing. However, a majority of research has failed to differentiate the two by aggregating them together as one. The study aims to (a) compare URAS and NRAS on race-related constructs (i.e., perceived discrimination, foreigner objectification, and racial color blindness), acculturation, enculturation, and psychological outcomes (i.e., well-being, stress, and self-efficacy); and (b) further examine how the relationship between acculturation, enculturation, and psychological outcomes differ for these two groups. Participants included 145 URAS and 178 NRAS studying in U.S. colleges who completed an online survey. Results revealed that URAS and NRAS have different perceptions of their experiences in the United States. Specifically, compared with NRAS, URAS reported significantly higher scores on perceived discrimination and greater degrees of acculturation. In contrast to URAS, NRAS reported significantly higher scores on enculturation, racial color blindness, and well-being. In addition, moderation analyses suggested that acculturation and enculturation served as a resource for both URAS and NRAS in slightly different ways. Implications, future directions, and limitations are discussed.