The relationship between victims and perpetrators has been under-researched. In this study we examined this relationship among a diverse sample of 405 Taiwanese adolescents aged 11 to 16. Our findings revealed that most students' participation in peer aggression was harmless banter between best friends, friends, and classmates. Approximately 75% of verbal and physical aggression and 50% of relational aggression were rated by participants as harmless. A few young people reported being harmed by these forms of aggression, although the overall level of harm was not significantly different between the different types of aggression experienced. Although Taiwanese students showed the lowest levels of harmful peer aggression when compared to other countries, less than half were found to have been flourishing. Possible reasons for this finding, particularly regarding the big-fish-little-pond effect (BFLPE), are discussed.