Purpose: Using the life stress model of psychological well-being, in this study we examined risks and resources predicting the occurrence of both positive and negative affect among older Asian Indian immigrants who experienced stressful life events. Design and Methods: We collected data through a telephone survey of 226 respondents (aged 50 years and older) in the Southeastern United States. We used hierarchical, negative binomial regression analyses to examine correlates of positive and negative affect. Results: Different coping resources influenced positive and negative affect when stressful life events were controlled for. Being female was a common risk factor for poorer positive and increased negative affect. Satisfaction with friendships and a cultural or ethnic identity that is either bicultural or more American were predictive of greater positive affect. Greater religiosity and increased mastery were resources predicting less negative affect. Implications: Cognitive and structural interventions that increase opportunities for social integration, increasing mastery, and addressing spiritual concerns are discussed as ways of coping with stress to improve the well-being of individuals in this immigrant community.