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Building upon a conceptual framework proposed by Belk and in the context of an extensive literature review, we discuss the antecedents (innate/learned) and consequences (bad/good) of materialism. In discussing antecedents, we propose that innate materialism may be affected by gender and age. Moving from aggregate to individual factors, we propose that acquired materialism may be rooted in social structure, religion, politics, advertising, Diderot effects, socioeconomic status, childhood socialization, role commitment and insecurity, and locus of control. Moving from individual to aggregate factors, we propose that negative consequences of materialism may include life dissatisfaction, decreased self-esteem, social alienation, possessiveness, shoplifting, family contentiousness, and environmental degradation. Positive consequences may include enhanced self-esteem, the staffing of socially valued occupations, wealth creation, a more equal income distribution, and protection of the environment. We also discuss current measures of materialism and suggests that they are insufficiently reliable and valid.