Objective: Racially minoritized individuals can simultaneously experience both oppression and flourishing (ie, positive mental health). This study examines identity connection as a mediator of this relationship. Participants: Undergraduates at a large, private university (n = 771), 59.4% racially minoritized American or international (RMA/I). Methods: Measures included perception of value, perception of fair/equitable treatment, identity centrality (ie, significance of racial/ethnic identity), identity exploration, and flourishing. Structural equation models compared RMA/I vs. white American students. Results: Among RMA/I students, flourishing was predicted by perception of value and identity centrality; identity centrality was positively predicted by perception of value and negatively predicted by perception of fair/equitable treatment. Among white American students, only perception of value predicted flourishing. Conclusions: Identity centrality mediated the relationship between fair/equitable treatment and flourishing among these minoritized undergraduate students, supporting theory that identity may be formed in response to oppression.