This study examined homophobia and gender roles in heterosexual Australian men (n = 42) and women (n = 67). No sex difference in general homophobia was found, however the men were more homophobic toward gay men than lesbians, whereas the women were more homophobic toward lesbians. Sex by Homophobia analyses revealed that both men and women in the low homophobia group held feminist gender role beliefs. Women in the high homophobia group also held feminist beliefs, however high homophobic men reported more traditional gender role beliefs, suggesting that beliefs about sexuality and gender roles are more closely linked for men than women. High and low homophobia groups reported similar levels of self-ascribed masculine traits, but differed on positive feminine traits. Both men and women in the low homophobia group reported similarly high levels of interpersonal qualities such as sensitivity to others’ needs, patience, loyalty, gentleness, and emotionality. While the link between gender role beliefs and homophobia requires further clarification, the promotion of ‘feminine’ traits as gender-neutral, socially valued qualities may help to reduce homophobia and other forms of prejudice.