The assessment of multiracial status in U.S. health research is fraught with challenges that limit our ability to enumerate and study this population. This paper reconceptualizes the assessment of multiracial status through the development of a model with three dimensions: mixed ancestry multiracial status, self-identified multiracial status, and socially assigned multiracial status. We present challenges to studying multiracial populations and provide recommendations for improving the assessment of multiracial status in health research.