This study identified factors that protected (a) adolescent bullies from becoming antisocial young adults, and (b) adolescent victims of bullying from subsequent depression. Data were drawn from the Australian Temperament Project, a population birth cohort study that has followed participants since 1983. Systematic examination of potential risk modifiers (protective factors) was conducted within a regression framework. Low negative reactivity was found to protect bullies from later antisocial outcomes and higher parental monitoring moderated ("ameliorated") the risk relation between bullying and antisocial behavior. High social skills and understanding schoolwork protected victims from later depression, but high attachment to peers "intensified" the risk relation between victimization and later depression. Preventive interventions targeting interpersonal skills and parent and peer relationships may be effective in reducing adverse outcomes of bullying.