Although many studies have shown an association between peer victimization and internalizing problems, which may be buffered by friendship quality, it is unclear whether these associations apply to within-person processes as well. This would mean that at times when adolescents experience more victimization than they usually do, they also experience more internalizing problems. The current study disaggregated between- and within-person variation to examine the association between peer victimization and symptoms of depression and anxiety, and the protective effect of friend support and conflict. Participants were 497 Dutch adolescents (56% boys) with a mean age of 13.03 (SD_age = 0.45, ranging from 11.68 to 15.56 at Wave 1). They participated in a 6-wave questionnaire study, with each wave taking place approximately one year after the previous. The results showed that peer victimization was associated with depressive symptoms and anxiety across adolescence, both between and within persons. Friend support buffered this association at the between-person level, but not the within-person level. This study highlights the impact of peer victimization and suggests that friend support may partly protect adolescents from the effects of peer victimization.