Rational Emotive Education (REE) is a psychological educational program offering a preventative psycho-educational curriculum to children in order to teach them emotional literacy skills. REE helps children by teaching them to challenge irrational thinking, to minimize their reactions to disappointment and frustrations, to cope more effectively with problems, and to more fully accept themselves. The efficacy of REE training for children and teachers was examined in a sample of 211 third grade students from nine different classes and 26 teachers. Each class was randomly assigned to one of three different groups, two experimental groups and a control group, each receiving different training. First objective of our study was to evaluate the efficacy of a REE training based on storytelling in changing children’s irrational beliefs. Second objective of our study was to observe the efficacy of a teachers’ training similar to that applied in REBT-focused school consultation groups in enhancing their self-efficacy. Results show an improved tendency in children to think rationally and an enhanced perception of self-efficacy in teachers for those groups that underwent the training compared to the control group. Our results suggest that REBT based trainings for children and teachers should be integrated into the classroom curriculum in order to prevent mental health problems and encourage positive social and emotional well-being.