We investigated the fear of being laughed at (gelotophobia), the joy in being laughed at (gelotophilia), and the joy in laughing at others (katagelasticism) in adolescent students (N = 324, 13–15 years). Gelotophobia was associated primarily with the victim and katagelasticism with the bully-role (self- and peer reports). Gelotophobia correlated with laughing at oneself if experiencing an embarrassing situation. Gelotophilia increased with the propensity to laugh if observing or experiencing embarrassment; katagelasticism increased with laughing if observing something embarrassing in another person. Imagining potentially embarrassing situations was associated with greater feelings of anxiety, shame, sadness, and embarrassment; gelotophilia with joy and cheerfulness. The study breaks the ground for a better understanding on how adolescent students deal with laughter and ridicule.