Racial discrimination is related to mental health challenges for Black youth and parents. The purpose of this study was to examine the role of intrafamilial factors, including parent racial worries, depressive symptoms, and racial socialization competency, on internalizing symptoms for youth. A sample of 259 Black parents (Mage = 40.6) of children (ages 6–18) was assessed to investigate how parents’ worries for their child’s racial discrimination experiences may be directly and indirectly associated with youth internalizing problems (e.g., elevated symptoms of anxiety and depression) via parental levels of depression. We then evaluated the moderating role of parental racial socialization competency. Participants completed an online questionnaire battery that included measures of racial discrimination, depression, youth internalizing problems, and racial socialization competency. Mediation analyses revealed that parental racial worry was directly and indirectly associated with youth internalizing problems via increased levels of parental depressive symptoms. Furthermore, racial socialization competency moderated the association between parental racial worries and parental depression, wherein greater racial socialization competency (e.g., confidence and skills factors) was associated with less impact of parental racial worries on parental depression. These findings provide a more nuanced understanding of the implications of racial stress for Black Americans and identify culturally relevant and familial coping mechanisms.