Abstract Discrimination against LGBTQ+ people is pervasive, which puts them at higher risk for mental health problems and lower well‐being. To better understand the impact of perceived discrimination on lesbians' well‐being and collective action, this study extended the rejection‐identification model (RIM) with a multiple‐identity approach. Using a sample of lesbians from the United States ( N = 258), we conducted a preregistered correlational study where we aimed to test four possible identities of lesbians (i.e., lesbian, LGBTQ+, women, feminist identity) as potential mediators for the links between perceived discrimination, well‐being, and collective action. We found support for the simple RIM such that perceived discrimination was related to higher lesbian identification, and in turn lesbian identification was related to higher well‐being. Moreover, both lesbian and feminist identification were related to higher collective action. Overall, we recognize the importance of multiple identities for stigmatized groups to protect their well‐being and to encourage collective action to better cope with discrimination.