Relying upon recent research, this article puts into perspective the evolution of inequalities concerning both education and life chances in France since the 1960s. While a dramatic expansion of education has taken place, what consequences can one observe as far as social mobility and more broadly social reproduction are concerned? In fact, French society does not appear more fair and an interpretation of this mismatch is proposed. First, the main sociological classical theories (Bourdieu, Boudon, and so on) are called up: do they help in understanding the underlying processes, and what questions remain? The persistent inequalities in attainment and the importance of structural external factors are among the most problematic issues. Finally, following this analysis and going back specifically to France, some political questions are sketched out, a central issue being the place that should be given to educational policies to achieve a fairer society.