Abstract Research on peer rejection has long emphasized links between aggressive behavior and peer liking, with aggressive children and adolescents being more rejected by peers. However, recent research shows that at least some aggressive students enjoy considerable power and influence and are perceived as “popular” within the peer group. To understand the processes underlying links between aggression and social status, the present research considered three distinct indices of social status (social preference, perceived popularity, and power) and investigated the degree to which the possession of peer‐valued characteristics moderated the links between status and aggression and whether these links varied by sex. A sample of 585 adolescents (grades 6–10) completed peer evaluation measures assessing social status, aggression (overt/physical, indirect/relational), and the degree to which peers possessed eight different peer‐valued characteristics (e.g., attractiveness, athleticism, etc.). Although sociometric indices of status were significantly related to perceived popularity, especially for boys, perceptions of power were more strongly linked to perceived popularity than to sociometric likeability. Moreover, the three indices of social status were differentially related to peers' assessments of aggression and to peer‐valued characteristics, with notable sex differences. As predicted, regression analyses demonstrated that the observed relationships between social status and aggression were moderated by the possession of peer‐valued characteristics; aggressive students who possessed peer‐valued characteristics enjoyed higher levels of perceived popularity and power and less disliking than those who did not. This relationship varied as a function of sex, the type of aggression considered, and the status construct predicted. Aggr. Behav. 32:396–408, 2006. © 2006 Wiley‐Liss, Inc.