The most widely used method to spectrally classify asteroids is the Bus–DeMeo taxonomy. To test how well the Bus–DeMeo taxonomy groups asteroids on the basis of their mineralogy, we have classified ∼1500 meteorite spectra using this Bus–DeMeo system. Some asteroid classes group together meteorites with similar compositions better than others. Howardite, eucrite, and diogenite spectra tend to be classified as V-types, while ordinary chondrite spectra tend to be classified as S-complex or Q-type bodies. The relatively featureless D- and X-types tend to be dominated by CM carbonaceous chondrites but with a substantial number of matches also with iron meteorites. The large proportion of CM chondrite matches for the D- and X-classes is most likely due to the large number of CM chondrite spectra and the rarity of spectra of more fragile carbonaceous chondrites in our data set. A number of relatively featureless asteroid classes like the C-, B-, L-, and Xc-types group meteorite types together with a wide variety of mineralogies and thermal histories. Visual albedos are vital for distinguishing between many of these assemblages. The Bus–DeMeo taxonomy does have trouble classifying olivine-dominated meteorites that do not have red-sloped spectra because this type of spectrum is rare among asteroids. For many asteroid classes, care must be used when making mineralogical interpretations based solely on spectral type.