Teacher feedback behavior is a key determinant of the social referencing processes that influence the social acceptance of pupils. The present longitudinal study explores how teacher feedback on academic performance and social behavior is related to social acceptance during classroom activities and recess in the natural setting of inclusive classrooms. Data come from a study with 32 teachers and their 546 first to third grade pupils in Switzerland. Teacher feedback behavior was videotaped and peer nominations and ratings were used to assess social acceptance. Multilevel regression analyses showed that feedback on incorrect social behavior was negatively correlated with feedback on correct academic performance. Teacher feedback on incorrect social behavior and on correct and incorrect academic performance predicted how pupils were accepted by their peers during classroom activities. However, teacher feedback did not affect social acceptance during recess. The effect of teacher feedback behavior on social acceptance appears to depend on context. Social acceptance during classroom activities is influenced by teacher feedback whereas social acceptance at recess is not.