"If you ask the questions, ask yourself the questions, 'Didn't Trayvon have the right to stand his ground?,'" he explains. "He was being chased. He fought back. He may have won. That doesn't mean he's a criminal. He won. If you chase me and you try to attack me and I defend myself, how can I be in the wrong? How is that right?"
"This guy went to get Skittles and go back and watch the All-Star game. He had plans," the rapper added. "He had no intentions of robbing anyone's homes."
Jay Z also criticized Florida's "Stand Your Ground" law, saying, "That 'Stand Your Ground' law: You can have a fight with someone, and if they're running away, you can shoot them and kill them and you're fine? Come on."
Jay Z, Beyonce Attend Trayvon Martin Rally in New York
But, the hip-hop superstar remains hopeful that young people don't view race the same way previous generations did.
"This generation right now, they don't see color in that way, we're a bit removed from those racist feelings," he said.
Jay Z also talked about the recent NFL Players Association investigation into whether he was involved in recruiting Jets rookie quarterback Geno Smith, suggesting he didn't take it seriously.
"With all due respect, [the NFL's] investigating me? What are you going to do to me? You're not going to let me represent players? OK," he said.
He also explained that he wanted to be an agent to help athletes better manage their money.