Patterns of—and correlates associated with—bullying perpetration and peer victimization have received widespread research attention. Somewhat less research has considered how protective factors in the parental domain help to buffer against both adverse behaviors. And perhaps more importantly, even less research has considered potential racial differences in the manner in which family-level variables relate to both bullying perpetration and peer victimization. Using a nationwide sample of adolescents, the present study examines (a) how parent/guardian support, mother’s parental monitoring, father’s parental monitoring, and family satisfaction buffer against bullying perpetration and peer victimization; and (b) whether these relationships vary across race. Data are derived from the 2009 to 2010 Health Behavior in School-Aged Children study in the United States. A total of 8,998 adolescents were included in the study sample, which consisted of 6,521 European Americans and 2,477 African Americans. Findings show that both European American and African American youth who received parental/guardian support were less likely to report being bullied. Among both African American and European American sub-samples, results showed that mother’s parental monitoring was negatively associated with both bullying perpetration and peer victimization. Father’s parental monitoring was negatively associated with peer victimization and bullying perpetration for European Americans only. Both European and African American youth who reported being satisfied with their family were less likely to report being bullied while European American youth who reported higher family satisfaction were less likely to engage in bullying. In sum, several family variables help to buffer against both bullying perpetration and peer victimization, but for the most part these relationships are race-invariant.