There is ample evidence of bullying victimization-perpetration association. However, little is known about the role of socioemotional variables in reinforcing or mitigating it. There is a need to delve deeper into what victims feel and do that leads them to bully. This study aimed to analyze the moderating role of peer relationship management and anger regulation in the victimization-perpetration association, controlling gender and age. This cross-sectional study involved 874 Spanish middle school students (47.8% girls) aged 11 to 18 years (M = 13.92, SD = 1.45). The results revealed that the perpetration was positively related to victimization and negatively related to peer relationship management and anger regulation. In addition, peer relationship management can moderate the victimization-perpetration association, acting as a protective factor, when the ability of victims to regulate anger is sufficiently trained. These findings highlight the importance of designing effective prevention based on socio-emotional development to fully curb bullying.