This chapter considers physical attractiveness and inequality in the context of heterosexual romantic relationship formation. Overwhelmingly, in contemporary societies in which individuals select their own partner, most couples match on physical attractiveness, as they do on other status-related characteristics, such as race and education. There is inconsistent support for gendered beauty-status exchange, in which women trade an advantage in physical attractiveness to partner with men who possess an advantage in socioeconomic status. This debate surfaced in the US context (McClintock, 2014), but has drawn attention across a diversity of national contexts (Xu & Pan, 2023). This chapter considers relevant evidence on both sides, discussing findings from experimental studies in sociology, psychology, and evolutionary psychology and from quantitative survey research in sociology and demography. It proposes that this debate is, to some extent, illusory, as scholars who emphasize matching on physical attractiveness show that this is the predominant pattern, while the alternative side seeks evidence that beauty-status exchange ever occurs. Accordingly, it will consider contextual differences in patterns of matching and exchange in partner selection. It will then evaluate how patterns of partner selection on physical attractiveness contribute to socioeconomic inequalities. Finally, it will propose directions for future research on physical attractiveness.