Bullying and discrimination seriously damage the development and health of adolescents with non-heteronormative sexual orientation. Adolescents from sexual minorities are more likely to be the object of bullying. This research aims to know more about the prevalence, frequency, and some associated factors and predictors of homophobic victimization in adolescents, depending on their sexual orientation. A total of 820 Secondary Schools students took part in this study (average age = 14.87; SD = 1.72; 48.3% were boys and 51.7% were girls) by filling in a self-report questionnaire. The results showed that adolescents suffer homophobic victimization, regardless of their sexual orientation; however, homosexuals and bisexuals suffered it more frequently than heterosexuals. Homophobic victimization could be associated—in heterosexuals and people with doubts about their sexual orientation, positively with bullying victimization, bullying aggression and cyberbullying aggression. Homophobic victimization could be predicted—in heterosexuals, positively due to self-depreciation, and negatively due to communication and relationship skills; and in homosexuals and bisexuals, positively, because of affective empathy. The results are discussed and new lines of study and intervention are proposed.