Prior research has linked victimization to mental health outcomes, but more work is needed to understand factors that may serve a protective role. In the present study, in a sample of 290 undergraduates who had experienced bullying, we examined a moderated-mediator model in which self-esteem mediates the relationship between victimization and depressive symptoms later in life. We hypothesized that this direct path would be weaker at higher levels of self-forgiveness. We discuss implications for future research and practice.