The purpose of this study was to examine the acculturation, psychological well-being, and school adjustment of Pontian adolescents from the former Soviet Union (FSU-Pontians), who are immigrants of the diaspora living in Greece, compared with an immigrant group from Albania and native Greek classmates. The sample included 165 FSU-Pontian immigrants, 272 immigrants from Albania, and their 525 Greek classmates (mean age = 13.7 years). School adjustment data were obtained using multiple methods and informants. Students also reported their subjective well-being and acculturation via multiple measures. Findings indicated that FSU-Pontian adolescents, although they are Greek citizens, had a stronger ethnic and a lower host-national orientation than did Albanian students. Both immigrant groups experienced similar difficulties in school adjustment. Involvement in Greek culture was a salient predictor of school adjustment, while involvement in one's ethnic culture was related to subjective well-being. Findings suggest that the acculturation expectations of host country members may be related to immigrants' acculturation orientations.