In the last thirty years, we have witnessed the growing popularity of queer theory paralleled with increasing political relevance of the LGBTIQ*+ movement and issues related to it. At the same time, as a result of the financial crisis of 2008, the rehabilitation of Marxist thought, which was evacuated from the political and academic topography in the 90s due to the collapse of socialist regimes, is taking place. On the margins of both theories and movements, a dialogue between Marxism and queer begins to be facilitated with the aim of producing a synthesis that would directly weave queer experiences into the tendencies of the capitalist mode of production and offer a new vision of both queer and class emancipation. Although these processes may seem unimportant, they take place in a period when the left is accused on the one hand of abandoning the struggle that is universal, i.e., the class struggle, and moving towards fragmented, politically impotent, and often esoteric liberal identity politics on the other hand. This is precisely why the dialogue between Marxism and queer becomes politically relevant as a lens for analysing broader trends on the political left. The first three chapters of the paper therefore try to present the theoretical and political past of these two positions to better understand the current socio-political moment. The paper also provides a historical materialistic analysis of the development of different sexual identities. The last two chapters show the different ways in which capitalism uses queer experiences, bodies, and lives for its economic and political goals, and raises the question of the relationship of queer Marxism to Foucault and his contributions to this approach. Given that it is an approach that is engaged and critical in its very core, the potential of using this direction in the political struggle is analysed in the conclusion.