A growing body of research indicates that people of multiple racial lineages in the US encounter challenges to positive psychological adjustment because of their racial status. In response, they also exhibit unique resilience strategies to combat these challenges. In this study, the moderating roles of previously identified multiracial resilient factors (i.e., shifting expressions, creating third space, and multiracial pride) were examined in the associations between unique multiracial risk factors (i.e., multiracial discrimination, perceived racial ambiguity, and lack of family acceptance) and psychological adjustment (i.e., satisfaction with life, social connectedness, and distress symptoms) of multiracial adults. Drawing on risk and resilience theory, results first indicated that the multiracial risk factors (i.e., multiracial discrimination, perceived racial ambiguity, and lack of family acceptance) relate negatively with social connectedness and distress symptoms, but did not significantly relate with satisfaction with life. Additionally, a differential moderating effect for one multiracial resilient factor was found, such that the protective or exacerbative role of creating third space depends on the psychological outcome. Specifically, results suggest creating third space buffers (e.g., weakens) the association between multiracial discrimination and satisfaction with life as well as lack of family acceptance and satisfaction with life among multiracial adults. Results further suggest creating third space exacerbates (e.g., strengthens) the negative association between perceived racial ambiguity on social connectedness and distress symptoms as well as lack of family acceptance on social connectedness and distress symptoms. Moreover, no two-way interaction effects were found for either of the other multiracial resilient factors (i.e., shifting expressions and multiracial pride). This study highlights the complex nature of racial identity for multiracial people, and the nuanced risk and resilience landscape encountered in the US.