Positive parenting behaviors such as parental monitoring and support can protect adolescents from alcohol use, either directly or through buffering risk factors such as perceived peer alcohol use. However, it is unclear whether such moderating effects vary as a function of race, ethnicity, and gender. This study addressed the knowledge gap by exploring racial, ethnic, and gender differences in the potential moderating effects of perceived positive parenting on the association between perceived peer alcohol use and adolescent alcohol use. Using data from the U.S. Heath Behavior in School-Aged Children study collected in 2009–2010, this study focused on 6744 adolescents from Grades 7 to 10 and five racial and ethnic groups (White, Black, Asian American, Latinx, and multiracial). Multiple regression analyses with three-way interaction effects were conducted. All three perceived positive parenting measures (i.e., maternal monitoring, paternal monitoring, and parental support) moderated the influence of perceived peer alcohol use on adolescent alcohol use among White girls and boys, but the moderating effects were inconsistent for boys and girls of color. Racial, ethnic and gender differences exist among the moderating effects of perceived positive parenting. Parenting programs designed for White adolescents need to be tailored for adolescent boys and girls of color.