The present study examined psychosocial adjustment in the following four groups of students: victims, bullies, bully/victims and a control group of adolescents not involved in bullying or victimization problems. Psychosocial adjustment was measured considering as indicators: level of self-esteem, depressive symptomatology, perceived stress, feeling of loneliness, and a general measure of satisfaction with life. Participants (N = 1319) were aged from 11 to 16 (47% male) and drawn from seven state secondary schools in Valencia (Spain). ANOVAs revealed significant differences among groups, reporting adolescents not involved a general better psychosocial adjustment; they had higher levels of self-esteem and satisfaction with life, and lower levels of depressive symptomatology, perceived stress and feeling of loneliness. The scores for this group were equivalent to those of bullies with respect to self-esteem, depressive symptomatology and loneliness. However, bullies perceived more stress and expressed less satisfaction with life, as did the other two groups, namely victims and bully/victims. Victims reported the strongest feelings of loneliness. Bully/victims seemed to share characteristics with both bullies and victims, though showing more similarities with the latter and a general poor psychosocial profile. (Contains 1 table.)