American Psycho features homophobia primarily through its villain, Patrick Bateman, whose prejudices are depicted as part of his monstrous pathology and are critiqued by the film's satirical tone. LGBTQ+ characters are present but incidental, serving to highlight the protagonist's depravity rather than offering a central or developed portrayal of queer identity. The net impact is neutral as the film critiques the negative elements rather than endorsing them.

The film includes a scene where Patrick Bateman murders a sex worker upon discovering she has a penis, reacting with transphobic slurs and extreme violence. This portrayal frames the character's identity as a source of deception, leading to a brutal, degrading outcome without narrative counterbalance.

The film portrays antisemitism through the character of Patrick Bateman, who expresses derogatory and hateful sentiments towards Jewish people. However, the narrative clearly frames Bateman's bigotry as a symptom of his psychopathy and moral depravity, positioning the audience to condemn his prejudice rather than endorse it.