Research suggests that corporal punishment and growing up in socially disorganized neighborhoods may have differential effects on children of color compared to White children. We test this idea by employing multilevel models with interaction terms to examine whether the associations of perceived neighborhood collective efficacy and maternal corporal punishment with behavior problems at age 5 differed by race/ethnicity. The analytic sample consisted of 2388 White, Black, or Hispanic families in the Fragile Families and Child Wellbeing Study. Covariates at the individual child, parent, and neighborhood levels were included to account for the racial/ethnic differences in structural and socioeconomic factors. Results demonstrate that race/ethnicity does not moderate the associations of maternal corporal punishment with internalizing or externalizing behavior problems in early childhood, nor does race/ethnicity moderate the association between neighborhood collective efficacy and externalizing behavior. However, the significant interaction between neighborhood collective efficacy and Hispanic ethnicity suggests that the protective role of collective efficacy on internalizing behavior is more pronounced in Hispanic children than White children. Overall, these findings underline the importance of multilevel interventions that strengthen neighborhood collective efficacy, particularly for Hispanic children, and of interventions that discourage physical discipline practices for young children.