Peer relationships form a key developmental context. The current study investigated differences in peer acceptance between high-ability and average-ability youth, from the perspectives of teachers, peers, and students. Relying on the person-group similarity model, we also tested whether high-ability students' acceptance would depend on the peer group's mean ability level. A sample of 2,736 sixth-grade students from 188 classes in 117 schools participated. Students scoring in the top 10% of a cognitive ability measure were considered high-ability students (N = 274). Results showed that high-ability students were better accepted than average-ability students according to teachers and peers. However, the students did not show more positive self-perceptions of acceptance. Moreover, they nominated less peers as their friends. Gifted students felt more accepted in classes with higher mean ability levels. The authors call for a stronger integration of developmental theory and research into the study of giftedness.