The main purpose of this study is to explore potential association among elementary school students’ forgiveness, antecedents, and consequences. Questionnaire survey was conducted with 780 elementary school students. The obtained data is analyzed by structural equation modeling. Statistical analysis yielded the following results. First, antecedents of elementary school students’ forgiveness include empathy, agreeableness, extraversion, and neuroticism. Second, consequences of elementary school students’ forgiveness include subject well-being, physiological health, social support, anxiety, and negative emotion. Based on these results, implication for elementary school students’ forgiveness education is discussed.