The purpose of the study was to investigate intellectually gifted elementary school children's psychosocial adjustment, employing self-concept, self-esteem, perfectionism and behavior problems as the indicators of psychosocial well-being. The participants of the study were gifted 4th and 6th graders who were categorized in two different gifted groups, highly gifted and moderately gifted, according to their IQ scores, and nongifted 4th and 6th graders whose IQs were ranged from 90 to 109. Each gifted group was subcategorized into two different groups, the gifted from gifted classes and the gifted from regular classes. To summarize the results, although different patterns emerged based on the grade level and sex, gifted children at all grade levels were consistently higher on academic self-concept, self-esteem and perfectionism, and had less emotional and behavioral problems compared to their nongifted counterparts. Regarding social self-concept, while gifted 6th graders had the lowest score, gifted 4th graders had the highest score. Also, giftedness was related more clearly to social self-concept in girls than boys. With regard to the difference by the educational placement, the gifted from gifted classes were higher on self-concept and self-esteem and had less emotional and behavior problems than the gifted from regular classes. Overall, the results are consistent with the view that giftedness enhances children's overall self-concept and decreases psychosocial maladjustment while the effect of the educational placement on psychosocial well-being still warrants further testing in future studies. Only by controlling confounding factors, further research will be able to identify the effect on gifted children's psychosocial well-being of congruence between gifted children's needs and traits and the educational environment which nurtures those needs.