Lesbian, gay, bisexual, transgender, and queer and questioning (LGBTQ) discrimination continues to be common on college campuses. While a number of studies have examined blatant victimization among students, little attention has been given to LGBTQ microaggressions. In this study, we examine both blatant victimization and microaggressions and their association with psychological distress among LGBTQ college students (N = 497) and look at whether gender identity moderates these relationships. Both forms of discrimination are associated with lower self-esteem and greater stress and anxiety. Victimization is more negatively associated with self-esteem among trans* students. Our findings emphasize the importance of addressing both blatant and subtle forms of discrimination targeting LGBTQ college students.