Homonegativity is associated with several adverse physical and mental health outcomes in gay men. However, the intersection between homonegativity and racism remains little investigated in Brazil. The aim of this study was to assess, in a sample of cisgender Brazilian gay men, associations between skin color, homonegativity, psychological distress, and socioeconomic variables. : A cohort of 229 Brazilian gay men, 151 (66%) white and 78 (34%) black or brown were assessed. Participants completed the Internalized Homophobia Scale, the Beck Depression Inventory-II, and the State-Trait Anxiety Inventory. : In the general sample, high levels of homonegativity, symptoms of depression, and trait and state anxiety were found, particularly among young and low-income individuals. Black and brown participants reported significantly higher levels of trait and state anxiety, but not depression or homonegativity. Black and brown skin color were a predictor of trait and state anxiety, but not of homonegativity or depression. The high levels of psychological distress and homonegativity found in the general sample indicate the importance of developing preventive interventions of racial discrimination and sexual prejudice for the general community and psychoeducational and therapeutic interventions for Brazilian gay men, regardless of skin color. They also suggest the relevance of customizing these interventions to meet the specificities of black/brown Brazilian gay men, a population doubly exposed to the burden of stigma, considering the intersection between racial and sexual stigma in the Brazilian sociocultural reality.