The current article investigated the role that the school context plays in teachers’ well-being in terms of emotional exhaustion and job satisfaction. First, we analyzed between-school variation in well-being and indicators of social interactions. Second, we examined the association between these indicators and well-being on the teacher and school levels. Based on two large teacher samples (Study 1: N = 1022; Study 2: N = 2886), the results of multilevel regression analyses showed low between-school variance in well-being but substantial variation in indicators of social interactions. Moreover, well-being was tendentially related to interindividual differences in the perception of social climate.