Research suggests social groups can provide psychological resources for coping with discrimination. However, little research has investigated the protective quality of lesbian, gay, bisexual, trans, queer, asexual (LGBTQA)+ ingroup identification from microaggressions. Using the rejection identification model and social identity approach to health as a framework, this study aimed to investigate the capacity of LGBTQA+ ingroup identification to protect well-being from microaggressions. Three hundred and twenty LGBTQA+ individuals from Australia completed a survey assessing experiences of perceived discrimination (PD), microaggressions, ingroup identification, and well-being. Structural equation modeling inclusive of microaggressions and PD indicated microaggressions predicted lower life satisfaction and higher depressive symptoms, while PD did not. Neither PD nor microaggressions predicted ingroup identification. Ingroup identification was associated with improved life satisfaction but not reduced depressive symptoms. Further, PD had an indirect effect on life satisfaction via ingroup identification. Ingroup identification did not mediate microaggressions or PD on depressive symptoms. Lastly, results indicated sexual minority (SM) trans and/or gender-diverse participants were at particular risk of experiencing discrimination, microaggressions, and depressive symptoms but that the rejection identification model was invariant to SM cisgender and SM trans and/or gender-diverse groups. Results were discussed regarding the importance of distinguishing between microaggressions and other discrimination types, the implications of positive and negative measures of well-being, and considering intersections of sexual orientation and gender identity. Overall, this research indicated facilitating ingroup identification may offer efficient protection of life satisfaction, but further investigation of protective factors from microaggressions is needed.