School burnout syndrome is typically defined through exhaustion from academic demands, cynicism toward school, and feelings of inadequacy as a student, identically as occupational burnout syndrome. This approach neglects the context of education, while equating it with formal employment, overlooking differences between the status of a student and a worker. Therefore, this study aimed at better understanding diverse aspects of school burnout and its contextual risk factors in order to provide a more comprehensive conceptualization of this phenomenon. Methodologically relying on the grounded theory approach and conceptually on Bronfenbrenner's ecological model, we conducted and analyzed 25 semi-structured individual interviews with Serbian secondary school students that exhibited high scores on the School Burnout Inventory. Five interconnected main themes emerged: Loss of meaning, Intense emotional reactions and states, Perceived incompetence triggered by comparison with classmates, Guilt-induced withdrawal, and Impaired physical health. External factors included Unsupportive and pressuring family and Disengaged teachers. Finally, alongside advocating for preventative measures, such as educational policy and practice changes, we offer a novel theoretical conceptualization of school burnout syndrome. We also argue that the emergence of school burnout syndrome is not an individual's collapse stemming from inner limitations, but a symptom of systemic deficiencies within the educational system.