Changing patterns of immigration in many Western countries have resulted in societies that are diverse not only ethnically, but also religiously. Yet research on psychological well-being among minorities tends to focus on racial or ethnic minority groups, with little focus on religious groups. At the same time, literature on religiosity and well-being has primarily focused on religious groups that are in the majority. In order to fully understand how people in the religious minority maintain healthy lives, it may be necessary to consider the role of both culture and religion. In two studies we examined the simultaneous effects of cultural and religious identifications on psychological well-being among two religious minority groups in Canada, Muslims (Study 1; N = 190) and Jews (Study 2; N = 133). In Study 1 we found that acculturation to both heritage and mainstream Canadian culture was positively associated with well-being. Importantly, we also found that Muslim identification predicted well-being even after controlling for acculturation to both heritage and mainstream cultures. In Study 2 we found that Jewish identification (but not identification with mainstream Canadian culture) significantly predicted well-being, and this effect held after controlling for perceived discrimination. Findings highlight the value of utilizing a social identity approach to religiosity, and on a broader level, the research speaks to the importance of multiple valued social identities on psychological well-being.