Objective This research examines the factors influencing the reverse gender gap in college enrollment between Black men and women and compares them to the factors affecting the gender gap between Whites. Methods We use data from the National Educational Longitudinal Study (NELS) and logistic regression to address our research questions. Findings The results reveal that Black male students fare worse than all other race‐gender groups on virtually all predictors of college enrollment. The strongest determinant of the Black gender gap proved to be the lower academic performance of Black male students. In addition, our results support the hypothesis that returns on academic, social, and family economic characteristics differ along race and gender lines, though the strongest differences in returns appear to be between racial groups rather than between men and women of the same race. Blacks benefit less from higher GPAs, positive peer influences, and parental economic resources than Whites, though Black women benefit least from positive peer influences than any other race‐gender group. Conclusions In order to improve rates of college enrollment among Black males, policymakers should develop strategies to improve their academic performance. However, policymakers must also recognize that academic performance offers less payoff for Black students and must therefore find ways to equalize these returns for them.