This review examines research about current levels and recent changes in ethnic and racial stratification in the United States. Research about ethnic inequality emphasizes that economic stagnation and restructuring are troubling impediments to progress toward equality, and it shows evidence that employers may still use racial and ethnic queues in hiring. A number of issues arise with respect to the incorporation of the new waves of immigrants who have arrived since immigration law reform in 1965. We discuss patterns of adaptation of new immigrants, including available evidence on the ethnic enclave economy and substitution in the labor market of immigrants for native minorities. We summarize new theories and hypotheses about the fate of the children of recent immigrants, and we point to topics in this area needing further research.