This study examined 2 aspects of friendship (presence and perceived qualities of a best friend) as moderators of behavioral antecedents and outcomes of peer victimization. A total of 393 children (188 boys and 205 girls) in the 4th and 5th grades (mean age = 10 years 7 months) participated during each of 2 waves of data collection in this 1-year longitudinal study. Results indicated that teacher-reported internalizing and externalizing behaviors predicted increases in peer-reported victimization, but the relation of internalizing behaviors to increases in victimization was attenuated for children with a protective friendship. Victimization predicted increases in internalizing and externalizing behaviors but only for children without a mutual best friendship. Results highlight the importance of peer friendships in preventing an escalating cycle of peer abuse.