Bullying is a worrisome problem for school-age youths, particularly as it has been associated with suicidal ideation among students. The psychological pain theory of suicide and the buffering hypothesis of social support as a protective factor have been established, but have not been tested among Saudi students. The aim of this study was to investigate the association between bullying victimization and suicidal ideation, the mediating role of psychological pain, and the moderating role of social support among Saudi students. A sample of 585 school students (59.5% female, mean age = 16.19, SD = 1.87, range = 12-18) were involved in this study. Relationships in a mediation model and a moderated mediation model were tested using RStudio. Bullying victimization was positively related to suicidal ideation. The mediation model indicated that psychological pain mediated this relationship. The moderated mediation model showed that the indirect relationship of bullying with suicidal ideation through psychological pain was stronger in those students with little support from family, friends, and significant other. This study highlighted the importance of targeting psychological pain and interpersonal relationships in suicide interventions and supported the buffering hypothesis of social support as a protective mechanism.