This study examined the comparative roles of biculturalism, ego identity, and religious identity in the adaptation of Australian adolescent Muslims. A total of 504 high school Muslim students studying at high schools in metropolitan Sydney and Melbourne, Australia, took part in this study which required them to complete a self-report questionnaire. Analyses indicated that adolescent Muslims’ achieved religious identity seems to play a more important role in shaping their psychological and socio-cultural adaptation compared to adolescents’ achieved bicultural identity. Adolescents’ achieved ego identity tended also to play a greater role in their psychological and socio-cultural adaptation than achieved bicultural identity. The relationships between the three identities and negative indicators of psychological adaptation were consistently indifferent. Based on these findings, we propose that the three identity-based forces—bicultural identity development, religious identity attainment, and ego identity formation—be amalgamated into one framework in order for researchers to more accurately examine the adaptation of Australian adolescent Muslims.