This article deploys a feminist political economy approach centered on social reproduction to analyze the reconfiguration and regeneration of multiple inequalities in households and the labor markets during the COVID-19 pandemic. Based on this approach, the analysis unpacks the multiple trajectories of fragility the current crisis is intervening on and reshaping in the home and in the world of work, and their gendered and racialized features across the world. It shows how the pandemic and the measures to contain it have further deepened the centrality of households and reproductive work in the functioning of capitalism and argues that the transformative potential of the crisis can only be harnessed by framing policy and political responses around social reproduction and its essential contributions to work and life.