Recently some mainstream sociologists have renewed their efforts to discard the traditional Marxist concepts of class structure, class contradictions, and class struggle as outmoded and unimportant components of social analysis. In contrast, this article argues in favor of the continuing relevance of these concepts and of Marxist class analysis in general in line with economic decline and increasing class polarization in the United States. Applying Marxist class analysis to the study of the advanced capitalist class structure and its contradictions, this article emphasizes the pivotal role of the Marxist approach in sociology in analyzing the dynamics of contemporary capitalist society.