This chapter investigates personalized advertising from a law and economics perspective, highlighting its potential benefits and harms. The analysis incorporates consumer perceptions and ethical considerations to provide a comprehensive view. The merits of personalized advertising are examined through the lenses of total welfare, consumer welfare, equity, and consumer autonomy. Subsequently, a legal analysis evaluates whether the existing regulatory framework is adequately equipped to safeguard consumers’ welfare, autonomy, and equity in the face of personalized advertising practices.