In this research note, we describe how theories of racial capitalism offer important insights into social psychological processes of racial discrimination, stereotyping, and more. First, the racial capitalism framework sheds light on the material conditions that shape social psychological aspects of racial domination and oppression, including processes of identity formation. Second, racial capitalism thinkers have emphasized how capitalism instrumentalizes racial identity and differentiation to spur accumulation. Third, racial capitalism points to intersectionality as key to understanding how social-structural factors shape the social psychological experiences and effects of discrimination for the racially disadvantaged. Social psychologists should incorporate these insights into their examinations of race and racism.