The education of gifted students is often characterized by high expectations, ambitious goals, and significant effort invested in learning. Their experiences of success and failure are shaped by a variety of factors, including personal, family, school, cultural, and social influences. This article examines how gifted students perceive and experience their own successes and failures, as well as how these experiences are perceived and responded to by their peers. Using qualitative methods, the study involved semi-structured interviews with thirty gifted students from seventh to ninth grades across ten elementary schools in Slovenia. The findings indicate that gifted students experience a range of emotions in response to success, from satisfaction to anxiety, while their reactions to failure often involve frustration and self-criticism. Peer responses to their success and failure vary significantly, ranging from supportive encouragement to jealousy and social exclusion. These findings highlight the complex interpersonal dynamics at play within school environments. Understanding and addressing these dynamics is crucial for creating inclusive, supportive, and stimulating learning environments that nurture both the academic and social-emotional well-being of gifted students.