Guided by the compensatory Internet use theory, this cross-sectional study examined the relationship between bullying victimization (i.e., overall, traditional, and cyberbullying victimization) and problematic Internet use (PIU) among 1,141 Chinese adolescents. The study also examined the moderating roles of five core social-emotional learning (SEL) competencies (i.e., responsible decision-making, social awareness, relationship skills, self-management, and self-awareness) between bullying victimization and PIU. Results of structural equation modeling (SEM) showed that more frequent traditional bullying and cyberbullying victimization were associated with a higher frequency of PIU symptoms. Overall, SEL competencies were protective factors against PIU. Moreover, the positive association between traditional bullying victimization and PIU was intensified among students with higher levels of overall SEL competencies, social awareness, relationship skills, and self-awareness. The significant and positive association between cyberbullying victimization and PIU was not moderated by any of the five core SEL competencies. This implies that students with high SEL competencies generally experienced less bullying victimization and PIU. However, once they experienced bullying, they were more vulnerable to have PIU. Implications for school-based bullying intervention and PIU prevention were also discussed.