Research related to stigmatized identities in organizations has received increased attention, yet many questions remain regarding the role of covering or downplaying these stigmatized identities. We move the conversation beyond whether to reveal or conceal stigmatized identities by examining covering as a part of the identity management process. We develop a theory of covering depletion, which encompasses self-regulation, ego depletion, and a lack of perceived authenticity. We argue that covering depletion is the mechanism by which employees experience poorer well-being, job attitudes, and performance when trying to cover their stigmatized identities. We conclude by integrating the concepts from diversity and inclusion, identity, and covering demands to propose promising new directions for research and practice in cases of inclusion, identity, and covering.