Research has shown elevated rates of peer victimization among transgender youth in schools, placing them at risk of an array of negative social and psychological outcomes well into adulthood. We conducted a secondary analysis of the 2015-2016 California Healthy Kids Survey to examine rates of physical victimization (physical acts such as being pushed or shoved) and nonphysical victimization (nonphysical acts such as having mean rumors spread about them) and discriminatory peer bullying (any act of bullying based on gender, perceived lesbian or gay identity, and race) among transgender and nontransgender youth. In addition, this study explored the intersection of race and transgender identity and associations with victimization. Chi-square tests and logistic regression results indicated that transgender youth reported significantly higher rates of physical and nonphysical victimization and discriminatory peer bullying than nontransgender peers. Logistic regression results also revealed that disparities in race-based discriminatory peer bullying between transgender and nontransgender youth were greater among Latinx students than White students. The study's findings illustrate the need for schools to create affirming environments for racially diverse transgender youth.