Peer victimization is a pervasive issue for educators globally, with well-documented negative psychological impacts. Despite ongoing anti-bullying efforts internationally, researchers have yet to evaluate changes in the relationships among peer victimization and associated factors from a global perspective. Therefore, this study adopts both an international and cross-cohort perspective in comparing the relationships among peer victimization and associated factors for adolescents from two Western Countries (the United States and the United Kingdom) and adolescents from three East Asian countries (China, Japan, and South Korea) using data obtained from the Program for International Student Assessment (PISA) survey from 2015 and 2018. Based on a review of the literature, a conceptual framework (including peer victimization, school belonging, school truancy, and life satisfaction) was developed and evaluated through Latent Mean Analysis and Structural Equation Analysis. Measurement invariance was demonstrated for all factors in the proposed conceptual framework across country and cohort (2015 and 2018). Latent Mean Analysis found that peer victimization among Chinese and Japanese adolescents significantly declined from 2015 to 2018, while American and UK adolescents reported higher levels of peer victimization, with no significant changes found for South Korean adolescents. The proposed framework fit the data from all countries and all paths were significant in the hypothesized direction. In addition to the contribution of our updated model, including the role of peer victimization in life satisfaction, key findings regarding the model's structural parameters among countries and across cohorts, and the potential effectiveness of anti-school bullying measures in China, Japan and South Korea are discussed.