The question of identity is one of present-day Israel’s cardinal and most pressing issues. In a comprehensive examination of the identity issue, this study focuses on attitudes toward the Jewish people in Israel and the Diaspora; the Holocaust and its repercussions on identity; attitudes toward the state of Israel and Zionism; and attitudes toward Jewish religion. Israeli Arab students (Israeli Palestinians) and Jewish Israeli students were asked corresponding questions regarding their identity. It was found that, rather than lessening its impact over the years, the Holocaust has become a major factor, at times the paramount factor in Jewish identity. Similarly, among Palestinians the Naqba has become a major factor in Palestinian-Israeli identity. However, the overall results show that the identity of a Jewish citizen of Israel is not purely Israeli, nor is it purely Jewish. It is, to varying degrees, a synthesis of Jewish and Israeli components, depending on the particular sub-groups or sub-identities. The same holds for Israeli-Arabs or Israeli-Palestinians who have neither a purely Israeli identity nor a purely Palestinian (or Arab) one.