Mentoring is widely regarded as a promising intervention to help minority students navigate the formidable challenges of their first year in college. Yet, extant research does not provide solid guidance for matching mentors to minority mentees. While mentor-mentee matching based on key demographics (e.g., gender, race) is generally preferred by mentees, recent research finds potential limitations of this approach?especially in the context of minority mentoring. Drawing on the conservation of resource theory, this paper advocates for a more inclusive mentor-mentee matching approach based on perceived minority status. Specifically, we hypothesize that when matched with perceived minority (vs. non-minority) mentors, minority mentees exhibit more frequent advice-seeking behaviors, which, in turn, enhances their mentoring program satisfaction and schoolwork engagement. We tested our hypotheses using three-wave survey data from 268 mentor-mentee dyads who participated in a year-long, formal, peer mentoring program at a large U.S. university. Our findings support the hypotheses with several key variables (i.e., gender- and race-match, liking for a mentor, social and financial resources) controlled. This suggests that mentors’ experiences as minorities within a given context significantly influence the mentoring dynamics with mentees who also identify as minorities, extending beyond mere demographic similarities.