Among feminists, she identifies herself as being sex-positive: defending the availability of pornography and condemning anti-pornography feminism campaigns. You Are What You Read? She has also voiced criticism of sexual harassment policies, particularly the zero-tolerance policies common to grade schools, which she considers to be "far too broad and vague" and lacking the sound research necessary to guide responsible policy-making decisions. Sexual Harassment Policies Need Reform by Wendy McElroy

In explaining her position in regard to capitalism, she says she has a "marked personal preference for capitalism as the most productive, fair and sensible economic system on the face of the earth," but also recognizes that the free market permits other kinds of systems as well. She says what she wants for society is "not necessarily a capitalistic arrangement but a free market system in which everyone can make the peaceful choices they wish with their own bodies and labor." Therefore, she doesn't call herself a capitalist but someone for a "free market."

McElroy wrote Queen Silver: The Godless Girl about her friend Queen Selections Silver. Silver was a left-wing anarchist, but despite vigorous political difference, the two remained close.

McElroy has a regular column on ifeminists.com, ifeminists.com: News is a member of the Liberty and Power group weblog at the History News Network, and is a frequent contributor to Lewrockwell.com.

She credits Murray Rothbard's book "Man, Economy, and State: A Treatise on Economic Principles" as being "solely responsible for turning [her] from the advocacy of limited government to a lifetime of work within the individualist-anarchist tradition."