Student perceptions of school climate have been linked to a number of outcome variables; specifically, more positive perceptions of school climate are associated with academic achievement, social and emotional wellness, and reduced risky behaviors. Considering student perceptions of school climate can help to guide the selection and implementation of culturally-responsive, targeted school improvement efforts. Further, the ways that students experience and perceive the school environment have been shown to vary based on student reported racial/ethnic identity. In the present study, moderation analyses established a significant impact of school diversity (i.e., high diversity or low diversity) on the relationship between student race/ethnicity, perceptions of school climate, and associated subscales including school connectedness, peer and adult support, and cultural awareness. Contrary to prior research, as school diversity increased, perceptions of school climate decreased, with Asian participants least affected. Implications of the findings and directions for future research are discussed.