The objectives of the present study were, first, to analyze the impact of direct and relational bullying on emotional well-being, and second to study if self-compassion could foster emotional well-being among those who suffer bullying. A sample composed of 433 adolescents (Mage = 13.28; SD = .72) answered two measures of direct and relational bullying based on the Olweus Bully/Victim Questionnaire, the Self-Compassion Scale, and the Positive Affect and Negative Affect Schedule (PANAS). The results showed that being a victim of either relational or direct bullying was associated with lower scores in positive affect and negative affect, while direct bullying was only associated with negative affect. Self-compassion was a strong predictor of emotional well-being, and self-compassion was a partial mediator between being a victim of bullying (either relational or direct) and negative affect. This research adds evidence that self-compassion may be an important component in prevention and intervention programs with victims of bullying.