This study investigated characteristics associated with two kinds of peer victimization--bullying victimization and adversarial victimization--distinguished by different balances of power between the perpetrator and victim. Specifically, we examined whether bullying victimization (victim has less power than perpetrator) would be experienced to a greater extent by vulnerable adolescents with psychosocial difficulties (fewer close friendships, emotional symptoms) and less peer esteem (physical attractiveness, perceived popularity, dating popularity, and prestige). In contrast, we investigated whether adversarial victimization, in which the victim has equal or greater power than perpetrator, would be experienced by adolescents perceived as rivals because they are held in high esteem by peers. A total of 599 adolescents aged 9 to 14 years (M = 11.93; SD = 1.40) completed a self-report measure of emotional symptoms and peer nomination measures of victimization, close friendship, physical attractiveness, dating popularity, perceived popularity, and prestige. Bullying victimization was negatively associated with close friendships, physical attractiveness, perceived popularity, and prestige, whereas adversarial victimization was positively associated with all four indicators of peer esteem. The results demonstrate the importance of measuring the power balance between the perpetrator and victim when studying peer victimization. Findings are discussed from an evolutionary perspective suggesting that victims of bullying are selected by perpetrators to achieve adaptive benefits while minimizing retaliatory, reputational, and social costs, whereas victims of adversarial aggression are targeted as rivals in competition for status and mates.