This article uses the Multidimensional Model of Racial Identity (MMRI) as a framework to broaden the current understanding of racial identity, structure our review of consumer psychological research on racial identity, and identify future research opportunities, thereby answering calls for efforts to foreground the perspectives of Black consumers and present frameworks that advance understanding of Black consumers. Building on the conceptualization of racial identity involving both the significance and meaning that individuals attribute to their membership within the Black racial group, we note that prior consumer psychological research has focused on the former while ignoring the latter. We identify opportunities to leverage aspects of the MMRI in future research on marketplace discrimination, marketplace stigma, and support for minority‐owned businesses. We also highlight opportunities to better understand the impact of the meaning of racial identity.