This paper considers contemporary "moral panics" around the underachievement of boys in school examinations in the UK and America. In the UK, in particular, the underachievement of boys is central to current "crisis accounts" about falling standards and failing pupils. "Underachievement" is a familiar word to those who work with young people, however, the term itself is not unproblematic. Indeed, for such a widely reported phenomenon, it is perhaps surprising that different perspectives as to the nature and importance of the concept exist. It is these different perspectives on a seemingly well-established discourse, along with an examination of the concept we call "underachievement" that form the focus of this paper. The importance of ensuring a fair and equitable schooling experience for all students is implicit in many societies, and a consideration of current moral panics surrounding the underachievement of boys provides a useful case study to help us consider what it is that we can reasonably expect from our schools and exactly which (if any) groups of young people are being let down by our education system. (Contains 3 tables, 1 figure, and 2 notes.)