School-based bullying perpetration and victimization is common worldwide and has profound impacts on student behavior and mental health. However, few studies have examined young adult outcomes of bullying perpetration or victimization. Research on factors that protect students who have bullied or been bullied is also lacking. This study examined young adult externalizing and internalizing problems (age 18-19 years) and adolescent protective factors related to self-reported bullying perpetration and victimization among over 650 Victorians ages 16-17 years. Opportunities for prosocial involvement in the family lessened subsequent involvement in nonviolent antisocial behavior, as an outcome of prior bullying. High academic performance and having strategies to cope with stress reduced young adult depressive symptoms for participants who had been victims of bullying. The implications for bullying prevention and early intervention programs are discussed.