This study examined the association between adolescents' perceptions of their neighborhoods' safety and multiple elements of their functioning in school with data on 15 year olds from the NICHD Study of Early Child Care and Youth Development (n = 924). In general, perceived neighborhood safety was more strongly associated with aspects of schooling that were more psychosocial in nature (e.g., school attachment) than those that were more cognitive (e.g., test scores). Examination of neighborhood and family moderators of these associations revealed that perceived neighborhood safety was negatively associated with grades for youth from low-income families but was positively associated with school attachment for youth from such families when they lived in neighborhoods rated by observers as high in physical disorder.