Social identity is defined, in part, as the sense of “we-ness” one forms with a social group. The social identity literature, however, is largely divided by identities—with racial identity conceptualized, measured, and interpreted separately from gender identity—rather than examining how youth understand these group memberships at their intersections (i.e., “we” Black girls or “we” White boys). The current mixed-method analysis examines the subjective importance and meaning of Black and White early adolescents’ (Mage = 12.51; N = 63) racial by gender identities. Black girls, in particular, rated their intersectional identities as important and White adolescents, overall, rated intersectionality as low in importance. Qualitative analyses further reveal that youth reason about the (in)significance of intersectionality on different levels: personal (the self), relational (others, peers), and structural (stereotypes, discrimination). We discuss contributions for studying identity development and intersectionality during adolescence.