More progress is needed to achieve equity in racial and gender representation in the push to diversify the physical sciences. In order to continue moving towards representation and equity, there is a need for more analytic tools that can help us understand where we are and how we got here. This may also enable meaningful systemic change. In this article, we will review two theoretical frameworks: critical race theory (CRT) and feminist standpoint theory (FST). This paper will guide the reader through the historical context in which each theory was formed, present core tenets and major ideas of each theory, along with external critiques to each theory and where they stand today. This will help readers to further understand CRT and FST, what their role is in education, and how they may be used in physics education research. Simultaneously, this article will serve to broaden perspectives of fundamental societal problems such as racism and sexism.