The study of 10,878 Americans found that white women who said their natural hair colour was blonde had an average intelligence quotient (IQ) score within 3 points of brunettes and those with red or black hair.
"Research shows that stereotypes often have an impact on hiring, promotions and other social experiences," said Jay Zagorsky from Ohio State University.
"This study provides compelling evidence that there should not be any discrimination against blondes based on their intelligence," said Zagorsky.
"I do not think you can say with certainty that blondes are smarter than others, but you can definitely say they are not any dumber," he added.
The results for blonde white men were similar - they also had IQs roughly equal to men with other hair colours.
Data from the study came from the US National Longitudinal Survey of Youth 1979 (NLSY79), a national survey of people who were between 14 and 21 years old when they were first interviewed in 1979.
Blonde women were slightly more likely to be in the highest IQ category than those with other hair colours, and slightly less likely to be in the lowest IQ category, he said.
The findings were published in the journal Economics Bulletin.
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