This study examined the sequence and timing of sexual identity development (SID) milestones among Generation Z LGBTQ+ Australians, focusing on variations across subgroups and their relationship with minority stressors. The study included 490 Australian LGBTQ+ individuals aged 16 to 26, predominantly White ( n = 389) and assigned female at birth ( n = 402), with a balanced distribution between cisgender and gender-diverse participants. Demographic differences in the timing and achievement of SID milestones were found for sexual and gender identity. Latent profile analysis identified four distinct profiles, highlighting identity-centered and sex-centered sequences. Differences in rejection sensitivity, emotion dysregulation, and self-acceptance of sexual identity were noted across these profiles, but not for internalized homonegativity. Our findings indicate that SID trajectories do not strictly conform to discrete sexual or gender identity categories. The cross-sectional design limits causality inference, and findings are not generalizable to all LGBTQ+ young people or Generation Z more broadly.