Academic buoyancy has been defined as a capacity to overcome setbacks, challenges, and difficulties that are part of everyday academic life. Academic resilience has been defined as a capacity to overcome acute and/or chronic adversity that is seen as a major threat to a student's educational development. This study is the first to examine the extent to which (a) academic buoyancy and academic resilience are distinct (but correlated) factors, and (b) academic buoyancy is more relevant to low-level negative outcomes (anxiety, uncertain control, failure avoidance), whereas academic resilience is more relevant to major negative outcomes (self-handicapping, disengagement). The findings, based on 918 Australian high school students from nine schools, showed that academic buoyancy and academic resilience represented distinct factors sharing approximately 35% variance. Also, academic buoyancy was more salient in negatively predicting low-level negative outcomes whereas academic resilience was more salient in negatively predicting major negative outcomes. In supplementary analyses, the effect of academic buoyancy on low-level negative outcomes tended to be direct, whereas the effect of academic buoyancy on major negative outcomes was mediated by academic resilience. Implications for practice and research are discussed.