Dyslexia, characterized by word reading and spelling deficits, has historically been viewed through a medical model of disability. However, a countermovement has emerged, emphasizing the strengths and abilities of neurodiverse individuals, including those with dyslexia. The concept of neurodiversity, which was initially introduced to help inform understanding of a mild form of autism, has expanded to include dyslexia. The expansion has occurred alongside a similar portrayal of dyslexia as an advantage that comes with specific gifts, creating a positive stereotype. While intended to empower individuals with dyslexia, the translation of the concept of neurodiversity to dyslexia in this way can inadvertently stigmatize and isolate those who do not fit this positive stereotype of dyslexia. This review, following a perspective review article format, synthesizes existing literature on the purported gifts of dyslexia and the implications of both negative and positive stereotypes on the well-being of individuals with dyslexia. The findings of this review underscore the importance of dispelling myths about dyslexia and advocating against the use of stereotypes, both negative and positive, in portraying dyslexia. Doing so will help remove the harmful effects of stigmatization, stereotype threat, and the potential of a fixed mindset inherent to being stereotyped.