Adolescents rejected by peers are often targets of bullying. However, peer rejection is not a sure path to victimization. We examined whether characteristics valued by peers (i.e., attractiveness, wealth, academic, and athletic ability) moderated the relationship between peer rejection and victimization. We predicted rejected adolescents high on peer-valued characteristics (PVCs) would receive fewer nominations for being victimized than adolescents with lower levels. Canadian students in Grades 6-10 (N = 549; M[subscript age] = 13.32, SD = 1.50) provided peer nominations for peer victimization, rejection, attractiveness, wealth, and academic and athletic competence. As hypothesized, each PVC moderated the relationship between peer rejection and peer victimization. No sex differences were found. This study demonstrates the buffering effects of nonbehavioral characteristics valued by peers. (Contains 2 figures and 3 tables.)