Multiracial individuals report that the social pressure of having to “choose” one of their racial groups is a primary source of psychological conflict. Yet because of their ability to maneuver among their multiple identities, multiracials also adopt flexible cognitive strategies in dealing with their social environments—demonstrating a benefit to having multiple racial identities. The current article reviews recent research involving multiracial participants to examine the behavioral and cognitive outcomes linked to being multiracial and pinpoints possible moderators that may affect these outcomes. Limitations in applying monoracial identity frameworks to multiracial populations are also discussed.