Growing empirical evidence supports the positive contribution of cross-group friendship to intergroup attitudes, as well as to individuals’ personal development. However, developing cross-group friendships may be challenging depending on individuals’ respective group identities; namely, their ethnicity, gender, race, and sexual orientation identities. This paper considers how psychological factors related to these group identities contribute to cross-group friendship. Research on individuals’ experiences of cross-group interactions across different contexts (first encounters; interacting with friends) has found that these interactions can be challenging. Most explanations of these challenges have focused either directly or indirectly on issues related to prejudice. It is suggested here that another important but neglected perspective for understanding intergroup friendship concerns individuals’ awareness and responsiveness to differences in privileges and opportunities associated with their own and their friend’s group-related identities. The implications are discussed in the context of friendship values and relationship qualities in intergroup friendship.