This paper discusses two approaches to racism in the psychoanalytic literature—one based on Kleinian object-relations, and another based on Lacan’s theory of language as central to subjectivity. It is argued that the Kleinian method relies on drawing parallels between object-relations at the psychological level and social relations in the external world, and this limits its understanding to a narrow catalogue of psychoanalytic concepts. A Lacanian/post-Lacanian approach begins from the structure of cultural narratives and is more sensitive to social variations. Using examples from anthropology, it is argued that both theories are crucial for a robust analysis of racism.