This study examined the relation of sexual identity-related victimization in the form of stigmatizing microaggressions with past-year depression symptoms and suicide ideation among a sample of sexual minority (SM) persons (𝑛 = 167). Multiple logistic regression models found that for each event increase in average weekly frequency of stigmatizing microaggression events, odds of past-year suicide ideation increased by 68% (adjusted odds ratio [AOR] = 1.68, 95% confidence interval [CI] [1.14, 2.43]), past-year hopelessness or sadness for two weeks or more increased by 56% (AOR = 1.56, 95% CI [1.04, 2.30]), and past-year withdrawal from regular activities increased by 186% (AOR = 2.86, 95% CI [1.52, 4.94]). An additional socioecological factor, living in the U.S. South, was associated with substantially increased odds of suicide ideation (AOR = 3.89, 95% CI [1.15, 13.84]) and hopelessness/sadness (AOR = 4.32, 95% CI [1.28, 15.91]). Findings of this study indicate that frequent and more subtle sexual identity-related victimization in the form of microaggressions, in addition to overt victimization such as physical or sexual violence, may negatively impact the mental health of SM persons.