School-based mindfulness programs (SBMPs) have gained global popularity. Yet, there is a need for more rigorous procedures to develop and assess them. This study aimed to address these limitations by examining the effectiveness of a Portuguese SBMP, called SER + FELIZ(mente). The final sample included 190 third and fourth-graders: 99 in the SBMP group and 91 in a wait-list group. Effects on attentional control, emotional regulation and wellbeing were examined in the short term (T2) and 6 months later (T3). We also tested the moderating role of age, gender, and baseline scores. Using a multilevel modeling approach, results showed a clear benefit of SBMP on emotional wellbeing at T2 but not T3. Despite SBMP students surpassing wait-list students in attentional control, cognitive reappraisal, and social wellbeing at T2, these effects were due to a levelling off among SBMP students, coupled with a decline among wait-list students from T1 to T2. These effects were moderated by age at T3. While universal improvements were limited, our SBMP seemed to have acted as a shield against school stressors (i.e., likely, test anxiety at T2). This opens a new avenue for research concerning the role of SBMPs in preventing (rather than repairing) mental-health issues in elementary students.