Adolescent bullying victimization can have long-term mental health and well-being outcomes. This study focused on the potential mediating role of the perceived long-term negative and positive impact of adolescent bullying victimization to understand its relations with mental health and well-being problems during emerging adulthood. A retrospective study consisting of closed and open-ended questions was conducted among 1010 Flemish and 650 Dutch emerging adults aged 18–26. Path analyses among early victims (NFlemish = 644; NDutch = 217) demonstrated that the relations between bullying victimization intensity and current self-esteem, social interaction anxiety, and life satisfaction were all mediated by the perceived negative long-term impact of adolescent bullying victimization. Additionally, the open-ended questions provided a better understanding of the perceived negative and positive impact of adolescent bullying victimization. The present study offers insights into the importance of considering subjective perceptions of the overall impact of being bullied to understand long-term bullying victimization outcomes. Implications and limitations are discussed, including the need for longitudinal data—for instance, a three-wave panel study—to establish the temporal order of effects.