Underpinned by the transactional model of stress (TMS), this systematic review synthesizes research testing the role of primary and secondary appraisals in the relationship between peer victimization and adjustment. A comprehensive literature search was undertaken and 23 articles were included in the review. Primary appraisals of threat and control, but not blame, mediated the relationship between peer victimization and adjustment. Secondary appraisals of self-efficacy and perceived social support were found to mediate and moderate the relationship. The findings of the review highlight the utility of the TMS in developing our understanding of individual differences in the relationship between peer victimization and adjustment. The development of the TMS in a peer victimization context, and future areas of research are discussed.