A moderation-mediation model was developed to investigate relationships among adolescents' family, school learning environments, individual characteristics, and measures of the academic, affective, and social outcomes of young adults from different cultural backgrounds. Data were collected as part of a longitudinal survey of Australian youth. The findings indicated that: (1) adolescents' family backgrounds, family and school capital, and individual characteristics combined to have a large association with young adults' educational attainment, a small relation to subjective well-being, and a medium association with social engagement, (2) adolescents' family backgrounds moderated relationships between the intervening variables and young adults' educational attainment and social engagement, (3) the intervening individual characteristic and social capital variables partially mediated the relationships between family background and measures of the young adults' outcomes, and (4) after taking into account the other predictors in the model, young adults' earlier educational attainment was related to their later attainment and social engagement.