Analyzing the test scores of more than 10,000,000 students who participated in the Advanced Placement (AP) math exams from 1997 to 2019, this study examined the direction and magnitude of the trend in gender disparity by race in participation in and top achievement on AP Calculus AB, Calculus BC, and Statistics exams. The results of this study indicated that, in general, females' representation in all three AP exams increased significantly. Although the findings indicated that the female-to-male ratios (FMRs) in participation in the AP math exams increased significantly from 1997 to 2019 and favored females for all races, the gender disparities among top achievers for all math exams are still substantial. The relationships between the FMRs in participation and top achievement for all AP math exams were also analyzed within races, and the possible impacts of these findings within the context of the underrepresentation of women in science, technology, engineering, and mathematics (STEM) fields were also discussed.