Sexual and gender minorities (SGMs) experience a higher mental health burden compared to their cisgender, heterosexual counterparts. Role models and mentors are important for wellbeing and development; however, little evidence exists exploring their impact on SGM people. This systematic scoping review identifies their association with mental and physical wellbeing. Eight databases (Medline, Embase, Cochrane CENTRAL, ERIC, Science Citation Index, Scopus, EPub and PsychInfo) were searched for eligible publications from 2000 to 2022. Two researchers identified studies, extracted data, completed quality appraisals using CASP checklists, and grouped data into outcomes relating to role model impact. From 501 citations, 12 studies = 1468 SGM people aged 15-63 years) were included. Positive role models and mentors encouraged identity acceptance through destigmatisation and positive affirmation, increased SGMs' psychological wellbeing through improved psychological safety and self-confidence and improved their sexual health knowledge. Potential role models and mentors displaying negative behaviours could cause stigmatisation, as well as reduce identity acceptance and psychological safety. Information regarding the perceived influence of role models and mentors on substance abuse and other physical health outcomes was limited. SGMs report greater benefits from relationships with others of shared minority status, providing incentives to match mentees with role models and mentors who share or empathise with their experiences of marginalization.