Adolescent substance abuse is a pressing public health concern. While a large literature has investigated factors linked to adolescent substance use and its outcomes, less research considers the intersection of race-ethnicity, school victimization, and substance use. The present study uses nationally representative data from the 2009–2019 Youth Risk Behavior Surveillance System (n = 66,906) and insights from stress process and critical race perspectives to examine ethnoracial variation in associations between school victimization (i.e., bullied, threatened with a weapon, and feeling unsafe on the way to school) and use of substances (i.e., hard drugs, tobacco, alcohol, and marijuana). Results showed that all victimization measures were associated with significant increases in using all four substances. Compared with whites, Native Americans experienced higher odds of using most substances while Asians and Blacks were generally less likely to use substances. Race-ethnicity moderated victimization-substance use associations, but patterns diverged based on victimization form and substance under consideration. Threats involving a weapon were linked to greater hard drug use for white and Hispanic adolescents than Blacks. School safety concerns were associated with larger increases in Asian adolescents’ hard drug use than whites, Blacks, and Hispanics, and greater marijuana use for Hispanic and white adolescents relative to Blacks. This study complicates the significance of school victimization for substance use such that race-ethnicity factors to a great extent into the presence of associations.