Scholarly interest in racial socialization is growing, but researchers' understanding of how and when racial socialization relates to subjective well-being is underdeveloped, particularly for multiracial populations. The present study investigated the possibility that the relationship of racial socialization to subjective well-being is mediated by racial identification and that this mediation depends on physical racial ambiguity. Specifically, the proposed study used a moderated mediation model to examine whether the indirect relation of egalitarian socialization to subjective well-being through racial identification is conditional on physical racial ambiguity among 313 multiracial individuals. Results suggested egalitarian socialization was positively correlated with subjective well-being. The results provided no support for the moderated mediation hypothesis. The present study examined the complex interaction between racial socialization, racial identification, physical racial ambiguity, and subjective well-being among multiracial individuals. Despite receiving no support for the moderated mediation hypothesis, this research helped to further explicate a distinct pathway through which egalitarian socialization impacts well-being through racial identification for multiracial individuals independent of physical racial ambiguity.