This diploma thesis examines the question of multicultural identity development. Using the qualitative study method, it provides valuable insights into the ways individuals develop their multicultural identification. The data strengthen the assumption that multicultural identity is a very complex concept, with variations as unique as personal experiences of multicultural individuals. In the present study, the process of multicultural identity development cannot be separated from acculturation and therefore, its dynamics turned out to be similar to the ones of the acculturation process. Among the factors influencing the development of a multicultural identity, time and social interactions with the members of the respective cultures are the most important ones. Time is needed for the acquisition of cultural knowledge, language skills, for building social ties and coping with acculturative stress. The role of language is not only instrumental (a means of communication) but also symbolic (a sign of cultural belonging). Other influential factors include attractive cultural values, societal acceptance, pride in ones culture heritage and prestige of being a cultured person. Based on this study, the development of multicultural identity is coupled with the development of cultural competence, intercultural competence, cultural sensitivity, global thinking and willingness for diversity. Multicultural individuals are also likely to develop a strong multi-faceted personality characterized by open-mindedness, adaptability, flexibility, willingness to learn and self-efficacy. They value and appreciate their multicultural experiences which seem to help them deal with various challenges of life.