Purpose: This study was done to investigate the relationship between self esteem, stress, depression and school adjustment among adolescents who were victims of bullying and those who were not. Methods: The questionnaire included the Peer Victimization Scale (Callaghan & Joseph, 1995), Self-esteem Scale, (Rosenberg, 1965), Daily Hassles Questionnaire (Feiner, Ginter & Primavera, 1982) and Center for Epidemiological Studies-Depression (Radloff, 1977). Data from 738 questionnaires were analyzed using frequencies, means, ${chi}^2$-test, t-test and logistic regression analysis with SPSS 14.0. Results: Victims of bullying accounted for 19.8% of the students. Significant differences were found for grade, school record, family living together, satisfaction with parents and satisfaction with friends between students who were victims of bullying and those who were not. Self esteem and school adjustment for the victims of bullying were lower than for those in the non-victim group, and stress and depression were higher. The logistic regression analysis revealed that school record, family living together, satisfaction with friends, self esteem, friend related stress, family related stress and depression were significantly associated with being a victim of bullying. Conclusion: The result of this study offer basic data for the development of intervention programs to prevent students becoming victims of bullying.