We investigated whether perceived inclusion and exclusion with peers at school, as well as self-reported bullying exposure, affected positive and negative affect among 1161 students from grades five through seven. Positive affect was significantly, but only weakly, affected by perceived exclusion and inclusion. Negative affect was not related to perceived inclusion; however, both perceived exclusion and self-reported bullying exposure gave effects on negative affect. Our research points to the need of creating a learning environment that promotes inclusion and caring and supportive interpersonal relationships. This will probably increase student functioning.