Research has found perceived discrimination to be a risk factor for mental health concerns among lesbian, gay, and bisexual (LGB) people, but less clarity exists linking perceived discrimination with well-being outcomes. Building from Meyer's (2003) minority stress model, the present study examined the links between perceived discrimination and the 3 components of subjective well-being: positive affect, negative affect, and life satisfaction. Self-esteem and stigma consciousness were explored as empirically and theoretically implied moderators. In a sample of 368 LGB people, structural equation modeling results suggested that discrimination was not significantly associated with positive affect or life satisfaction but had a significant positive relation with negative affect. Self-esteem moderated the associations between discrimination and positive and negative affect, and stigma consciousness moderated the link with negative affect. Practical implications and directions for future research are discussed.