Research on the prevalence of peer victimization across ethnicities indicates that no one group is consistently at higher risk. In the present two meta‐analyses representing 692,548 children and adolescents (age 6–18 years), we examined ethnic group differences in peer victimization at school by including studies with (a) ethnic majority–minority group comparisons (k = 24), and (b) White and Black, Hispanic, Asian, and Aboriginal comparisons (k = 81). Methodological moderating effects (measure type, definition of bullying, publication type and year, age, and country) were examined in both analyses. Using Cohen's d, results indicated a null effect size for the ethnic majority–minority group comparison. Moderator analyses indicated that ethnic majority youth experienced more peer victimization than ethnic minorities in the US (d = .23). The analysis on multiple group comparisons between White and Black (d = .02), Hispanic (d = .08), Asian (d = .05), Aboriginal (d = −.02) and Biracial (d = −.05) groups indicated small effect sizes. Overall, results from the main and moderator analyses yielded small effects of ethnicity, suggesting that ethnicity assessed as a demographic variable is not an adequate indicator for addressing ethnic group differences in peer victimization. Although few notable differences were found between White and non‐White groups regarding rates of peer victimization, certain societal and methodological limitations in the assessment of peer victimization may underestimate differences between ethnicities. Aggr. Behav. 9999:XX–XX, 2014. © 2014 Wiley Periodicals, Inc.