This article provides a critical look into national trends of the achievement gaps between Whites and Blacks and between Whites and Hispanics over the last 3 decades based on the National Assessment of Educational Progress mathematics assessments. It examines multiple facets of inequity underlying the racial and ethnic achievement gaps from 3 perspectives: equality, adequacy, and reciprocity. Although the Black-White and Hispanic-White mathematics achievement gaps narrowed significantly over the last 3 decades, there was some setback in the national progress during the last decade and the achievement gaps remain substantially large. The study finds that the racial and ethnic achievement gaps are highly inequitable, as it turns out that schools do not measure up to essential conditions of equity: Minority students do not (a) get fairly equal educational opportunities, (b) achieve minimally adequate level of competency, and (c) learn in a racially integrated school. The recent trend of widening racial achievement gaps is also seen as a real setback in equity as there was little systemic improvement in those 3 conditions of equity during the last decade. Implications of the findings for educational policies to enhance broader equity and justice are discussed.