An understanding of child psychopathology and resilience requires attention to the nested and interconnected systems and contexts that shape children’s experiences and health outcomes. In this study, we draw on data from the National Survey of Children’s Health, 2016 to 2021 (n = 182,375 children, ages 3– to 17 years) to examine associations between community social capital and neighborhood resources and children’s internalizing and externalizing problems, and whether these associations were moderated by experiences of racial discrimination. Study outcomes were caregiver-report of current internalizing and externalizing problems. Using logistic regression models adjusted for sociodemographic characteristics of the child and household, higher levels of community social capital were associated with a lower risk of children’s depression, anxiety, and behaviors. Notably, we observed similar associations between neighborhood resources and child mental health for depression only. In models stratified by the child’s experience of racial/ethnic discrimination, the protective benefits of community social capital were specific to those children who did not experience racial discrimination. Our results illustrate heterogeneous associations between community social capital and children’s mental health that differ based on interpersonal experiences of racial/ethnic discrimination, illustrating the importance of a multilevel framework to promote child wellbeing.