The present study examined the association between body dissatisfaction and adjustment, and the role physical development plays in this association, in an ethnically diverse sample of over 1100 urban, ninth grade boys and girls (M age = 14). More similarities than differences were found across ethnic groups: Caucasian, African American, Latino, Asian, and multiethnic boys reported similar areas of body dissatisfaction, levels of body dissatisfaction, and associations between body dissatisfaction and psychosocial maladjustment. For girls, only mean level differences were found with African American girls reporting lower levels of body dissatisfaction than girls from other ethnic backgrounds. Higher levels of body dissatisfaction predicted more psychological and social maladjustment for both boys and girls. For boys, faster development predicted stronger associations between feeling overweight and peer victimization. Feeling too small only predicted victimization if boys were actually low in physical development. For girls, physical development directly predicted less peer victimization, while perceived faster development predicted more victimization. Thus, it appears that physical development can protect both girls (directly) and boys (buffering against the negative effects of body dissatisfaction) from peer victimization, whereas perceived faster timing of development can exacerbate peer victimization.