It has been shown that with regard to Blacks in the US, in addition to old-fashioned racism (a traditional and blatant form of racism), modern racism (a more subtle form, where one denies racism but nevertheless holds negative affect and belief against Blacks) has appeared in the post-Civil Rights Movement era (McConahay, 1986). Using the questionnaire method and exploratory factor analysis for Japanese college students, the present article revealed that this distinction between the two forms of racism is useful to describe racism against Zainichi Koreans (Korean residents in Japan). Furthermore, the present research investigated the consequences and underlying factors of the two forms of racism. Racism intensified contradictory discontent against Zainichi Koreans simultaneously, and had expected effects on the estimation of the number of Zainichi Koreans per unit of a certain kind of worker and people on social welfare in Japan. Protestant work ethics (Mirels & Garrett, 1971) intensified and humanitarianism-egalitarianism (Katz & Hass, 1988) weakened the two forms of racism. Implications of these findings were discussed.