The dyadic accuracy and bias of preadolescents’ (M = 10.13 years) perceived peer relations were examined in relation to their aggression, depressive symptoms, and peer victimization. A racially diverse sample (235 boys and 281 girls) completed peer nominations of perceived and actual peer acceptance and rejection, peer nominations of friendship and peer victimization, and a self-report measure of depressive symptoms. Teachers completed measures of aggression. With higher depressive symptoms, children were more likely to underestimate their peer acceptance and friendship. With higher aggression, children were more likely to overestimate their peer acceptance and friendship but only when they experienced low levels of peer victimization. These findings highlight distinct patterns of dyadic bias associated with preadolescent’s depressive symptoms and aggressive behavior.