Ethnicity‐related dating preferences among Asian American adolescents and the links between preferences (i.e., for a same‐ethnic dating partner) and ethnic identity centrality and regard, American identity centrality and regard, parent–adolescent closeness, and perceptions of discrimination were investigated. Data from 175 self‐identified Asian American high school students were collected yearly for four consecutive years. Higher levels of ethnic identity centrality and regard and parent–adolescent closeness averaged across four years were associated with preferring a same‐ethnic partner. Moreover, foreign‐born adolescents were less likely to prefer a same‐ethnic partner when they encountered a higher than average level of discrimination on any given year. Results highlight variability in the developmental and individual‐level factors that shape how adolescents navigate their dating relationships.