Internalizing symptoms have been linked to bullying perpetration and victimization in adolescence. However, the directions of any causal relationships remain unclear, and limited research has identified the mechanisms that explain the associations. Given the salience of peer relationships during the teenage years, we examine whether perceived support from friends is one such mechanism. By using a transactional framework and four waves of longitudinal panel data on over 900 youth, we test both cross-lagged and indirect associations between bullying perpetration, bullying victimization, internalizing symptoms, and perceived friend support. Our method represents one of the most rigorous tests to date of the mutual influences among these factors. The results show that internalizing symptoms and perceived friend support were reciprocally linked to bullying victimization, but perceived support did not predict internalizing symptoms, and bullying perpetration neither preceded nor followed perceived support or internalizing symptoms. There were no significant indirect paths between bullying involvement and internalizing symptoms through perceived friend support. The results provide only partial support for a transactional model in which bullying victimization, support, and internalizing symptoms are reciprocally related. The implications of these findings for theory, future research, and practice are discussed.