Bullying is a prevalent problem in schools that is associated with a number of negative outcomes for both the child who bullies and his or her victims. In a community sample of 284 ethnically diverse school-children (54.2 % girls) between the ages of 9 and 14 years (M = 11.28, SD = 1.82), the current study examined whether the level of victimization moderated the association between bullying and several behavioral, social, and emotional characteristics. These characteristics were specifically chosen to integrate research on distinct developmental pathways to conduct problems with research on the characteristics shown by children who bully others. Results indicated that both bullying and victimization were independently associated with conduct problems. However, there was an interaction between bullying and victimization in the prediction of callous-unemotional (CU) traits, such that the association between bullying and CU traits was stronger for those lower on victimization. Further, bullying was positively associated with positive attitudes towards bullying and anger expression and neither of these associations were moderated by the level of victimization. In contrast, bullying was not associated with the child's perceived problems regulating anger, suggesting that children with higher levels of bullying admit to expressing anger but consider this emotional expression as being under their control.