Bias-based cyberaggression—hateful and bias-based content and interactions via information and communication technologies—is a frequent experience for young internet users that can result in detrimental consequences for both individuals and society. Ample research has focused on the factors related to involvement in bias-based cyberaggression. This study systematically reviews the research published in the past decade about the investigations into exposure, vicarious and direct victimization, and aggression among young people (up to age 30). We aimed to provide a complex summarization of the research findings about the risk and protective factors and the consequences of experiences with bias-based cyberaggression—specifically the diverse manifestations of bias-based cyberaggression targeted toward ethnicity, race, nationality, religion, sexual orientation, gender, weight, and disability. Three academic databases (EBSCO, Scopus, and WoS) were searched and 41 articles were included in the review. The results show a dominant research focus on bias-based cyberaggression victimization and on the bias-based cyberaggression that targets ethnicity, race, nationality, and religion, leaving a gap in the knowledge about the different types of targeted group categories and bias-based cyberaggression perpetration. The identified risk factors for bias-based cyberaggression involvement included being a minority, low psychological well-being, other victimization experiences, higher internet use, and risky internet use. An overlap was found for bias-based cyberaggression involvement with other offline and online victimization experiences. This review showed limited knowledge about protective factors, namely the social-level and contextual factors. The identified factors, as well as the gaps in the knowledge, are discussed in relation to research implications and practice and policy implications.