The present study investigates the role of perceived reason for being bullied on the outcomes of bullying. Using a sample of bullied youth from the 2017 administration of the PNA survey (n = 3,373), the present study tested the moderating effect of perceived reason for bullying on the relation between type of bullying experienced and depressive symptoms. Including perceived reason for being bullied eliminated the significant difference in depressive symptoms between in-school and cyberbullying. However, experiencing in-school and cyberbullying simultaneously (i.e., co-occurring victimization) was still associated with more depressive symptoms than in-school bullying or cyberbullying alone. Depressive symptoms were amplified when cyberbullying was perceived to be due to a sexual identity reason, suppressed when co-occurring victimization was perceived to be due to a social reason, and amplified when co-occurring victimization was perceived to be due to a status reason. Possible mechanisms of these interactions and implications are discussed.