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Researchers concerned about intergenerational inequalities study absolute and relative mobility (e.g., whether people’s adult incomes exceed their parents’ incomes in dollars or ranks). Absolute and relative mobility are connected, by definition. Yet, they are not equivalent. Indeed, they often diverge. To illuminate why, when, and for whom such divergence occurs—and why, when, and for whom convergence is possible—this article provides two frameworks for connecting absolute and relative mobility. One framework is formal and one is typological. Both frameworks center micro-level socioeconomic experiences across generations. Illustrative analyses employ these frameworks using National Longitudinal Survey of Youth data. Results suggest that divergent experiences, like upward absolute mobility despite downward relative mobility, may be more common among more advantaged social groups. Future researchers could use the two frameworks introduced here to further advance our understanding of how intergenerational inequalities evolve differently in absolute and relative terms.