This study investigates the role of teachers' feedback on achievement and behaviour in influencing students' peer acceptance, academic trait emotions as well as school well-being. Data derives from 970 fourth graders from inclusive primary schools (51% male, 49% female; 8% with special educational needs). Results showed that students perceive an equal amount of feedback on their behaviour and their academic achievement. However, more positive than negative feedback was reported. Results indicate that teacher feedback affects students' well-being in school as well as social acceptance. Multilevel regression analyses conducted on all four feedback variables revealed differences within the examined subgroups. Significant effects were found for gender and students with migration biography. Correlation patterns between students' perceptions of teacher feedback and students' emotional well-being, social acceptance and emotions were investigated for different subgroups. One key finding is the stronger correlation of negative feedback with social acceptance.