The purpose of this study was to examine how self‐discrepancy and self‐schema influence the effects of exposure to thin versus nonidealized model images on young women's body dissatisfaction, body anxiety, and self‐esteem as an antecedent and moderator. Female college students at a Midwestern university (n = 380) responded to a web‐based survey with stimuli that consisted of thin, nonidealized, and no model images in fashion ads. Results indicated appearance self‐discrepancy and self‐evaluative schema in appearance augmented body dissatisfaction and body anxiety, and decreased self‐esteem, whereas motivational schema in appearance reduced body anxiety and improved self‐esteem. There were no differences in body dissatisfaction, body anxiety, and self‐esteem from these three model stimuli. However, participants with higher appearance self‐discrepancy had greater body dissatisfaction and body anxiety when exposed to thin‐idealized model images rather than nonidealized model images. Self‐evaluative and motivational schema in appearance did not play a moderating role on the effects of exposure to thin versus nonidealized model images on body dissatisfaction, body anxiety, and self‐esteem. Appearance self‐discrepancy provides better insights for the effects of media on body image and self‐esteem than appearance self‐schema as a moderator.