Intellectual giftedness is commonly associated with a high level of intellectual functioning, an identification process whereby individuals are labeled as "gifted," and adjustments in schools such as grade skipping. During adolescence, all these factors are prone to reduce peer connectedness and school life satisfaction. The aim of the present study was to disentangle the effects of these factors in a sample of 492 sixth and 10th graders. We identified three subsamples based on different characteristics associated with giftedness: students previously identified as gifted (n = 66), students who scored in the top 10% on a general intelligence test (n = 49), and students who had skipped a grade (n = 57). Comparative analysis showed that none of these subsamples differed from their respective control groups on school life satisfaction. Students labeled as "gifted" reported a lower level of peer connectedness, and the latter's contribution to school life satisfaction was significantly stronger within this subsample. These results underscore the importance of social integration for adolescents identified as intellectually gifted and exclude grade skipping as a risk factor. Moreover, high intellectual level does not seem to impact either school life satisfaction or peer connectedness.