The aim of this chapter is to analyse the current situation of the children of immigrants in western countries. The analysis is developed through a sociological gaze and with a more specific focus on the Italian case, paying close attention to the—often—underestimated potentials of living in multicultural private and public contexts, and to the better-known risks of discrimination and marginality. The first section focuses on the international literature analysing the situation of the children of immigrant in a globalized world; the second section points out the potential of a generation accustomed to living in a pluralist and multicultural environment; and finally, the third section analyses these elements on the base of the Italian situation and some of its peculiarities. Overall, the aim of the chapter is to show how children of immigrants deal with the opportunities and constraints of the specific situations in which they are involved, and with the necessity to use, avoid or struggle against the reifications of difference and with the need to make their identifications accountable.