Racism is often thought of as existing and operating at the interpersonal and institutional levels. One aspect of racism that has been relatively forgotten, however, is its internalized component: racism that exists and operates at the internalized level. Surprisingly, even psychology—the field that is arguably best equipped to study the internalized component of racism—seems to have lagged in investigating and addressing this construct. Thus, we conducted a systematic literature review of psychological work on internalized racial oppression to better understand what is currently known, what the recent surge in scholarship has contributed, and where the research and service gaps are in order to identify areas for future growth. Overall, psychological attention on internalized racism seems to be increasing, and there have been some exciting conceptual (e.g., cognitive behavioral conceptualization, moving toward “appropriated racial oppression”) and empirical (e.g., development of scales, correlates with mental health variables) developments. However, our review also revealed a need for more work that: (1) utilizes qualitative or mixed methods; (2) focuses on the experiences of different racial and ethnic groups; (3) investigates how internalized racism intersects with other forms of internalized oppression; (4) clarifies the connection of internalized racism with other theoretically similar phenomena; and (5) incorporates social justice and advocacy in clinical and community services to balance unequal power dynamics that perpetuate racism—the root cause of internalized racism.