Bullying victimization in school is a significant social problem, which has been linked to serious, detrimental, lifelong consequences for its victims. Therefore, it is imperative that we understand the factors that shape the student’s risk of bullying victimization. This study utilizes opportunity theory, more specifically student’s exposure and proximity to motivated offenders and crime-prone environments and the school’s guardianship efforts, to explain student’s risk of bullying victimization. The study employs data drawn from the 2007 National Crime Victimization Survey School Crime Supplement. Logistic regression models were analyzed to explore whether the student’s risk of bullying victimization was influenced by the measures of exposure and proximity and guardianship. The study provides empirical support for opportunity theory; the student’s exposure and proximity to motivated offender and crime-prone environments and the school’s guardianship efforts were associated with the student’s risk of experiencing bullying victimization while at school. The implications of the study’s findings for bullying victimization research and opportunity theory are discussed.