Based on the social and psychological capital framework, this study aimed to investigate the direct effect of bullying on adolescents’ subjective well-being and to reveal the potential psychosocial mechanisms in this relationship. Through the multi-stage cluster random sampling procedure, a cross-sectional survey was conducted among 728 adolescents from Hebei Province in China. Structural equation modeling was adopted for data analysis. After controlling for sociodemographic variables, the results indicated that only relational bullying had a significant negative effect on adolescents’ subjective well-being. Moreover, social capital and psychological capital mediated the relationship between relational bullying and adolescents’ subjective well-being. This study expands our understanding of the influencing mechanisms from bullying victimization to subjective well-being and also provides practical implications for future social policy development and relevant interventions.
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