Using stakeholder theory as the basis and organizational identity/identification as the core concept, this critical review article probed into the consequences of the stakeholders' organizational identity perception connotation in the organization. Moreover, the researcher also tried to plumb if organizational identification plays the mediator role between organizational identity and consequence variables (positive work attitude and behavior, organizational loyalty, and corporate social performance, etc.) Adopted the perspective of social identity theory and self-categorization theory on the basis of ”similarity-attraction paradigm” as the explanation mechanism of the organizational identity/identification process. The researcher therefore deduces nine propositions, which were about to ascertain the connotation of multiple identities and the multiple dimensions, the mediation model of the organizational identification and relations between identities, identification and consequence variables.