This paper develops an account of intersectional feminist theory by critically examining the notion of identity implicitly assumed in major critiques of intersectionality. Critics take intersectionality to fragment women along the lines of identity categories such as race, class, and sexuality. Underlying this interpretation, I argue, is the metaphysical assumption that identity is a fixed entity. This is a misunderstanding of identity that neglects how identity is actually lived. By exploring how Asian American women experience their “Asian” identity in their everyday lives (e.g., the “Asian-as-patriarchal vs. White-as-gender-progressive” stereotype, growing anti-Asian racism amid COVID-19, and Asian-Black feminist solidarities), I demonstrate that Asian identity is not fixed but changing according to how it is related to power. I identify and discuss three characteristic types of the identity-power relationship: manifestation of power-as-oppression through the construction of identity, reproduction of power-as-oppression, and creation of new forms of power, namely resistance and solidarity, through the reconstruction of identity. The lives of multiply-oppressed women (e.g., Asian women) can be understood as the locus at which the identity-power relationship is worked out, that is, the power dynamics of oppression are manifested, reproduced, and resisted through the (re)construction of identity. Building on this analysis and engaging discussions on non-ideal theory in social/political philosophy, I argue that intersectional feminist theory can be best explained as a non-ideal theory in a strong sense: a theory that, by focusing on the lives of the multiply oppressed, presents the intersecting dynamics of oppression as central and theory-guiding.