The dynamics of underachievement among gifted and nongifted black students were studied with students in grades 6 through 9 in 5 Virginia public school districts. A traditional model of underachievement, defining it through a regression model, and a nontraditional model that used grade point averages (GPAs) and self-reported level of effort in school were used. Few gifted black students were identified by the school system. The sample was increased through examination of school records by the researcher. In all, 152 gifted, potentially gifted, and average middle school and high school students were interviewed. Forty-two percent of these students were underachieving, although the mean GPA was relatively high at 3.1. Test anxiety, while relatively low for the sample as a whole, was problematic when the self-evaluation and physiological subscales were examined. The students had strong and positive racial identities, and generally had optimistic attitudes and perceptions, especially in their attitudes toward school and their perceptions of the learning environment. In general, these black students were positive about school subjects, and tended to have positive perceptions of gifted students and gifted education. However, achievement behaviors did not match achievement attitudes. School districts must focus on both talent development and the nurturing of abilities, and must recognize the heterogeneous and multifaceted nature of giftedness. (Contains three unnumbered tables.) (SLD)