Negative school experiences, such as bullying, compromise the well-being and mental health of adolescents, particularly those who identify as lesbian, gay, bisexual, trans, queer, or questioning (LGBTQ + ). The aim of the current study was to identify different profiles of psychological adjustment among students according to their exposure to risk (higher levels of bullying victimization) and evidence of psychological adjustment (lower levels of anxiety), as well as to compare these profiles in relation to (i) participants’ age and sexual and gender identity, and (ii) internal and external protective resources. The study used data collected by the FREE research project in Portugal through an online questionnaire among 1,169 students, with a mean age of 16.2 years (SD = 1.20), of which 47.1 % identified as LGBTQ +. Four adjustment profiles were identified: unchallenged, resilient, distressed, and at-risk. Sexual and gender minority students, particularly those who identify as trans and non-binary, were overrepresented in the maladjusted profiles (at-risk and distressed) and underrepresented in the normative profile (unchallenged). Furthermore, internal resources such as a higher self-esteem and lower levels of sexual identity concealment seemed to have a protective effect. Students’ acceptance of LGBTQ + students and perception that school was safe for LGBTQ + students revealed a protective effect for all students, whereas teachers' acceptance and access to school information and support for LGBTQ + issues revealed a protective effect for sexual and gender minority students only. Implications for the improvement of school climate and intervention with students and teachers are discussed.