While faculty salary differentials are expected due to varying levels of appropriate characteristics such as education, relevant credentials, expertise, prior experience, and productivity, even after controlling for differences in these characteristics, data shows that women and racial and ethnic minorities consistently earn less than White males at every faculty rank (Gregory, 2001; Toutkoushian, 1998). Moreover, notable salary differences are also present between faculty members who teach at Historically Black Colleges and Universities (HBCUs) and faculty members who teach at Historically White Colleges and Universities (HWCUs) (Provasnik & Shafer, 2004). Such disparities are significant because they illustrate the pervasiveness of privilege and oppression in higher education, a field that often claims to value diversity. This paper is designed to highlight historical and current trends in faculty salary (in)equity, and offer several implications for policymakers, current and prospective faculty members, and researchers who aspire to further investigate this topic.