This study aims to explore how peer victimization leads to children’s loneliness by examining the mediator variables between peer victimization and children’s loneliness. Previous research has rarely discussed this issue，with just one research study concerning the role of cognitive factors such as perceived control between peer victimization and children’s loneliness. Specifically, we examined what roles peer acceptance and global self-esteem play between children’s peer victimization and loneliness. In order to testing our hypotheses that peer acceptance and global self-esteem may play mediating roles between peer victimization and children’s loneliness, we formulated three models. The first and second models are single-mediator models. They explored the mediating roles of peer acceptance and global self-esteem, respectively, between peer victimization and children’s loneliness. And the third model, as a co-mediator model, simultaneously explored the mediating roles of peer acceptance and global self-esteem, and it also explored the influence of peer acceptance on children’s self-esteem. We gathered our data by investigating 433 third through sixth graders from primary schools in Wuhan with the Peer Nomination procedure, the Perceived Competence Scale for Children, Children’s Loneliness Scale by Asher and Class Play Questionnaire by Masten. The results indicated that, for the first model with peer acceptance as mediator variable, the direct path from peer victimization to children’s loneliness was insignificant, but the other two indirect paths were significant. And for the second model with global self-esteem as mediator variable, all the three paths were significant. In the last model with peer acceptance and global self-esteem together as mediators, SEM analyses indicated that the direct path from peer victimization to loneliness was insignificant, so was the path from peer victimization to global self-esteem. Based on the results of the model testing and according to procedures offered by Hau Kit-tai for testing mediation effect, we reach our conclusions as follows: when only one mediator variable was examined, peer acceptance and global self-esteem were all important mediators between peer victimization and children’s loneliness, respectively. To be specific, the relationship between peer victimization and loneliness could be fully mediated by peer acceptance, while children’s global self-esteem could be a partial mediator between peer victimization and children’s loneliness. And more important, when both mediator variables were examined, peer acceptance and general self-esteem together could fully mediate the relationship between peer victimization and loneliness; and owing to the positive impact of peer acceptance on global self-esteem, peer victimization no longer has a direct significant influence on children’s global self-esteem. The significance of these results for school intervention in peer victimization was discussed.