This study examined the moderating effect of Machiavellianism on the relationships between bullying, peer acceptance, and school adjustment (rule-following behavior and academic performance) among 216 middle school 7th-graders in Taipei, Taiwan. The participants were divided into two groups according to their Machiavellianism. Multi-group path analysis showed that for those who were low in Machiavellianism condition, physical and verbal bullying was negatively linked to peer acceptance and academic performance while no significant association was found for the high-Machiavellianism group. Bullying was negatively, yet non-significantly, associated with rule-following behavior for both groups. The results largely supported the buffering effect of Machiavellianism on the negative outcomes of bullying. Implications for school-violence prevention and for research on adaptive bullies are discussed.