Research indicates peer socialization processes affect the development of problem behavior in childhood and adolescence; however moderating peer factors have not been readily examined. Friendship intimate exchange may be an important factor to consider, as literature suggests that intimate exchange becomes an increasingly important aspect of friendships as children age into adolescence. Accordingly, the current study examined the moderating effect of intimate exchange on the relation between peer socialization and change in externalizing behavior over 1 year. Participants included 65 children (67% male), age 10 to 13 years at baseline (M = 11.95, SD = 1.29), and their primary caregivers. Intimate exchange was found to moderate the relation between peer delinquency and externalizing behavior over time. At low levels of intimate exchange, peer delinquency predicted increases in externalizing behavior; whereas at high levels of intimate exchange, peer delinquency predicted decreases in externalizing behavior. Implications and future directions are discussed. (Contains 2 tables and 1 figure.)