The primary purpose of this study is to closely examine the relationship between racial diversity and organizational exit rates. In this regard, the study distinguished between majority and minority groups within organizations and noted that they may exhibit asymmetric responses to increases in diversity. Since majority and minority groups differ in status and power, the same phenomenon of increasing diversity can have differential effects on each subgroup. Furthermore, this study empirically analyzed the argument that increases in diversity may have a nonlinear effect on outcome variables. In particular, for racial minority groups, an inverted U-shaped exit behavior was predicted based on their inherent status and power characteristics. For empirical analysis, this study utilized data spanning eight years from 2001–2004 and 2007–2010, set in U.S. higher education institutions, and conducted hypothesis testing using panel data analysis techniques. The analysis results showed that minority racial students exhibited an inverted U-shaped organizational exit behavior as diversity increased, as predicted by the hypothesis, while White students linearly increased their exit behavior. Whereas prior studies have reported somewhat unclear findings regarding the relationship between racial diversity and organizational exit behavior, this study makes a significant contribution by placing explicit focus on "who" is leaving, thereby presenting a new perspective that enables a clearer understanding of the racial diversity–organizational exit behavior relationship.