Using a short-term longitudinal design, internalizing and externalizing emotions were examined as risk factors for being victimized by peers in early childhood. Regulation, aggression, and withdrawal were also tested as mediators. We found that anger, mediated by aggression and regulation, positively predicted being victimized, although the way in which anger related to victimization risk varied for boys and girls and across time. These findings were robust, particularly for girls, attesting to the importance of externalizing variables as risk factors for young children's victimization. Support for internalizing variables as risk factors for being victimized was weak. The implications of the findings for developmental models connecting symptomatology and victimization are discussed.