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This investigation’s aims were to map prevalence, normative trends, and patterns of continuity or change in school-based peer victimization throughout formal schooling (i.e., Grades K–12), and determine whether specific victimization patterns (i.e., differential trajectories) were associated with children’s academic performance. A sample of 383 children (193 girls) was followed from kindergarten (Mage = 5.50) through Grade 12 (Mage = 17.89), and measures of peer victimization, school engagement, academic self-perceptions, and achievement were repeatedly administered across this epoch. Although it was the norm for victimization prevalence and frequency to decline across formal schooling, 5 trajectory subtypes were identified, capturing differences in victimization frequency and continuity (i.e., high-chronic, moderate-emerging, early victims, low victims, and nonvictims). Consistent with a chronic stress hypothesis, high-chronic victimization consistently was related to lower—and often prolonged—disparities in school engagement, academic self-perceptions, and academic achievement. For other victimization subtypes, movement into victimization (i.e., moderate-emerging) was associated with lower or declining scores on academic indicators, and movement out of victimization (i.e., early victims) with higher or increasing scores on these indicators (i.e., “recovery”). Findings provide a more complete account of the overall prevalence, stability, and developmental course of school-based peer victimization than has been reported to date.