Counterfactual thinking refers to imaginative thoughts about what might have been ("if only" or "what if") which are intrinsically linked to self-conscious emotions (regret and guilt) and social judgements (blame). Research in adults suggests that the focus of these thoughts is influenced by order (temporal and causal). Little research has involved children regarding the impact of such thinking on their well-being and learning. This study tests the hypothesis that children will demonstrate order effects. One hundred and twenty-one children answered questions about school-based scenarios and a series of interviews was carried out with pupils and teachers. Order effects were observed but there was some variety in the responses to the questions involving self-conscious emotions and social judgements. Thematic analysis of the interview data indicated that children thought of order but also created their own individual stories, whereas teachers had negative perceptions of how pupils thought about events. Implications for educational psychology practice are considered.