Using data from a 2009 national household survey (N = 2,866), this study investigates the differential experience of perceived institutional and interpersonal discrimination among rural-to-urban migrants in China, and the consequences of these two types of discrimination on measures of subjective well-being. The results indicate that rural-to-urban migrants perceive institutional discrimination more frequently than interpersonal discrimination. However, perceived interpersonal discrimination has a more detrimental effect than perceived institutional discrimination for rural-to-urban migrants, and this effect takes the form of self-rated physical health and depressive distress. The research calls for a more equitable social environment and equal distribution of resources and opportunities in China.