A review by the Equality and Human Rights Commission, which also looked at employment, housing, pay, and criminal justice, found an "alarming picture", the BBC reported.
Black graduates earn on average 23.1 per cent less than white ones, and more ethnic minorities are unemployed, the report found.
David Isaac, the commission's chairman, said the report revealed a "very worrying combination of a post-Brexit rise in hate crime and long-term systemic unfairness and race inequality".
"We must redouble our efforts to tackle race inequality urgently or risk the divisions in our society growing and racial tensions increasing," the BBC quoted Isaac as saying.
The commission, which carried out an analysis of existing evidence, said black people in England were more than three times more likely to be a victim of homicide than those who are white.
Ethnic minority people were more likely to live in poverty than white people and also still "hugely under-represented" in positions of power - such as judges and police chiefs, the BBC quoted the report as saying.
The government said "real progress" was being made - with black and ethnic minority employment rates at their highest levels for 15 years.
"But there is clearly more to do, which is why we are delivering a comprehensive race equality programme on employment, university places, apprenticeships, start-up loans and recruitment to the police and armed forces," a spokeswoman added.
