Ethnic stereotyping can profoundly influence youth adjustment; however, little work has addressed how the model minority stereotype may affect adolescent social adjustment. This study examined Asian American adolescents’ peer relationships over time and how perceived discrimination and model minority stereotyping are associated with positive (support) and negative (criticism) qualities in these relationships. Multi-wave survey data were collected from 175 Asian adolescents in the Southeast over three time points. Participants were 60% female (freshmen Mage = 14.42 years, SD = 0.64 and sophomores Mage = 15.56 years, SD = 0.74). They were 75% US-born and represented various heritage groups (e.g., Hmong, East/Southeast Asian, South Asian). Within-person, year-to-year associations between variables were explored. Criticism from White and other-ethnic peers decreased over time. Discrimination was associated with higher criticism over time, and links between model minority stereotyping and support were found. With White peers, when stereotyping experiences increased, both positive and negative relationship qualities increased. Experiences of stereotyping and discrimination interacted, exacerbating each other with regard to criticism. The discussion compares model minority stereotyping and discrimination, both likely to create strained relationships.