The death of multiculturalism has been pronounced many times. In spite of this, this political program has proven resilient and the fact of cultural diversity remains inescapable in most liberal democracies. Still, with the rise of the far right, the migrant crises in the United States and Europe and with social movements pushing the boundaries of multicultural theory, it is high time to review multiculturalism, a movement of the late 20th century, and see where it is headed in the 21st (...) century. This article has two objectives. First, after reviewing three debates—anti‐essentialists versus multiculturalism, interculturalism versus multiculturalism and multiculturalism versus the welfare state—I argue that the normative core of multiculturalism is still viable. Second, I argue that multiculturalism remains unable to contribute to some of the most pressing issues of the 21st century and point to a novel approach to the justification of multicultural policies. This justification relies on the concept of vulnerability, a concept that plays an important but undertheorized role in current multicultural theories. (shrink)