A close student–teacher relationship is a protective factor for students’ psychological well-being, and it is associated with students’ internalizing and externalizing symptoms, but the mechanism underlying this association is unclear. To address this issue, this study investigated the role of children’s hope in the relationship between teachers’ perceived closeness in the student–teacher relationship and children’s internalizing and externalizing symptoms. Participants consisted of 562 Italian students ages 4 to 9 years and 48 Italian teachers ages 26 to 60 years. Results indicated that the children’s hope played the mediating role between closeness and children’s internalizing and externalizing symptoms. Findings, limitations, and suggestions for future research were discussed.