This research tested predictions about the association of identity support and identity devaluation with psychological well-being (self-esteem, life satisfaction, and depression). Lesbian women completed baseline surveys (N= 42), then provided daily experience reports during a 2-week period (n= 38), and completed a 2-month follow-up survey (n= 34). Several types of evidence consistently demonstrated the importance of identity support for well-being. Lesbians who reported more identity support scored higher on measures of well-being at initial assessment, during the daily phase of the study, and at the follow-up. Comparable results were found for the negative association between identity devaluation and well-being. Identity measures proved to be significant predictors of lesbians' well-being even after controlling for other types of support and social stress. Both identity support and identity devaluation contributed independently to the prediction of daily self-esteem and life satisfaction. Strengths and limitations of this study are discussed.