Understanding how adolescents explain gratitude in peer interactions uncovers how they view their identities and social worlds during a time when they are transitioning to the responsibilities of adulthood. Earlier studies define “gratitude” as a state of appreciation, and have shown that adolescent feelings of gratitude correlate with increased well-being, academic performance, and prosocial behavior. Furthermore, our previous findings suggest adolescents have differing rationale for why they feel grateful in situations when they either enact or receive calming, angering, avenging, and reconciling intervention from their peers. The goal of this study was to ask: 1) How do adolescents explain feelings of gratitude they feel following intervention in victimization events? 2) How do rationales for feelings of gratitude vary between actor and recipient of a peer intervention? 3) How does gratitude differ when adolescents calm, amplify, avenge, or reconcile a previously victimized peer? We qualitatively coded explanations provided by 265 adolescents for emotions in each condition. Our findings showed actors felt more gratitude when calming their peers, and recipients felt more gratitude after reconciliation. Peer gratitude was predicted to be more strongly linked to a desire for security when the subject was the recipient (e.g. “I was grateful she looked out for me”), and more strongly linked to a desire to display competence when the subject was the actor (e.g. “I was grateful she took my advice”). We carried out quantitative analyses using repeated measures analysis of variance and Epistemic Network Analysis. The findings from this study contribute to understanding peer relationships, which could help educators navigate student actions that de-escalate conflicts and promote well-being in student social environments.