Racism has long been established to be a significant determinant of racial inequalities in health among racially minoritized individuals. Most of this research, however, has been focused on individuals' direct perceived experiences of racism, and far less has been conducted on the relationship between indirect, vicarious experiences of racism and mental and physical health outcomes and behaviors. In this review, racism and vicarious racism are defined, and what is known about the relationship between vicarious experiences of racism and psychological and physical well‐being and health behaviors is documented. Like direct experiences of racism, research on vicarious experiences of racism suggests it is also adversely related to anxiety, depression, general psychological distress, and physiological health (e.g., allostatic load, cardiometabolic risk). Lastly, future directions for research and clinical practice are discussed. Understanding the intricate interplay between vicarious racism and overall mental and physical wellbeing is crucial for informing interventions aimed at mitigating the adverse mental health outcomes associated with experiences with racism.