<p>Teachers in the early care and education (ECE) workforce have been experiencing elevated levels of depression and job stress, which can lead to lower quality teaching practices, less emotional support to children, and higher staff turnover. Research has shown that racial concordance (or matching) between teachers and their students is associated with positive effects on children’s outcomes and lower stress in teachers of kindergarten through 12th grade. However, no research had examined how racial concordance is related to teacher well-being in ECE settings. To examine the predictors of ECE teacher stress and depression and the role of racial concordance, this study analyzed data collected in 2019 for the National Survey of Early Care and Education (NSECE) using survey-weighted regression models. Higher racial concordance between ECE teachers (<i>n</i> = 3,547) and their students was associated with lower teacher depression levels. Lower staff turnover and Hispanic or Asian teacher identity also predicted lower depression. Lower wages, working less than full time, Hispanic identity, and, for higher-income teachers, greater student racial and ethnic diversity in the classroom were all associated with lower job stress. This study contributes to further understanding ECE teacher well-being and important contextual factors, including racial concordance and classroom diversity.</p>