Although a vast literature demonstrates that discrimination correlates negatively with health satisfaction, research has yet to examine whether within-person changes in perceptions of discrimination temporally precede declines in subjective health. Studies also overlook the possibility that the relationship between perceived discrimination and health satisfaction differs for structurally advantaged and disadvantaged groups. We address these oversights by utilizing 11 annual waves of data from a nationwide random sample of adults to examine the relationship between perceived discrimination and subjective health among Māori ( N = 9,298) and New Zealand Europeans ( N = 56,499). Results from a multi-group RI-CLPM reveal that perceived discrimination has a negative cross-lagged effect on within-person changes in health satisfaction for Māori, but not for New Zealand Europeans. These results highlight the asymmetrical consequences of discrimination between structurally advantaged and disadvantaged groups, underscoring the pervasive challenges minoritized communities continue to face.