Although I am a Muslim but I couldn�t have given a better link than Octavius.
Quran does not speak about racism in general. But there are few verses that do reject any superiority or inferiority due to race.
"O' mankind, We have created you from a male and a female, and made you into nations and tribes so that you may know one another. Indeed the most honorable of you in the sight of Allah is the one with the most piety"
(The Quran 49:13).
The Prophet (saws) said: "Indeed there is no excellence for an Arab over a non-Arab, nor a non-Arab over an Arab, nor a White person over a Black one, nor a Black person over a White one, except through piety".
A statement like this tells us that this man, Mohammed, was truly a receiver of heavenly inspiration. His words were not blank like the words of so many leaders today. Rather, he was always the first to lead by example, and this is why we find that during his lifetime so many different types of people accepted Islam. From amongst the Prophet's friends we find that he had an Ethiopian companion named "Bilal".
Bilal had been a slave before he accepted Islam, and as a result his position in Arabian society was worse than the animals. However, when he converted to Islam Bilal was given a status like no Black slave had been given before. He was given the immense honor of being the first person to call the "Azan" (call to prayer) in Islam's magnificent history. More outstandingly however, he was accepted as an equal and a brother by the Prophet and his companions.
Mohammad eradicated the problem of racial or color discrimination so successfully that, for example, "Omar" the second famous Ruler in Islam once said about Bilal: "Bilal" is our master"