To understand peer victimization among undergraduate students and provide intervention strategies, the types and rates of bullying experienced by undergraduate students were explored. A moderated mediation model of meaning in life and self-compassion on relation between peer victimization and mental well-being was analyzed using the Process macro. A self-report questionnaire conducted through an online survey platform was completed by 369 students (aged between 18-25 years). The results indicated that between 8.5-19.6% of the participants reported peer victimization in undergraduate school, although there were differences across types of victimization. The moderated mediation model showed a significant conditional mediation effect of meaning in life in the link between peer victimization and mental well-being among students who reported low or average levels of self-compassion. However, the direct effect of peer victimization on mental well-being was not significant. The implications and limitations of the present study are discussed based on these findings.