Young adults have long been overrepresented among political activists, and their generationally specific experiences and worldviews often shape social movement agendas. Although these phenomena have received limited scholarly attention in recent years, they are highly salient features of the new cycle of protest that has emerged in the 21st century United States. This talk analyzes two key components of that cycle, the 2011 Occupy Wall Street uprising and the movement of undocumented immigrant “Dreamers.” Both were led by U.S. “Millennials” (born between 1980 and 2000). I argue that Millennials comprise a new political generation, with a worldview that sets it apart from previous generations of U.S. activists. I compare the Occupiers’ and Dreamers’ political strategies and organizational forms and argue that, despite a shared worldview, this new political generation is heterogeneous in regard to modes of mobilization. The Occupiers were a relatively privileged group of young people whose aspirations were frustrated, especially in the context of the Great Recession, threatening them with exclusion from the economic stratum they had long expected to enter; by contrast the Dreamers were already marginalized because of their undocumented status and sought inclusion within the economic mainstream. Their different social locations, in turn, contributed to Occupiers’ and Dreamers’ distinctly different political strategies and organizational forms.