The present study examined the associations between school-average teacher well-being (emotional exhaustion and behavioral engagement) and school-average student achievement (literacy and numeracy) among a sample of 486 teachers in 39 elementary schools. Multilevel structural equation modelling was used to assess a two-level model, with teachers at level 1 (L1) and schools at level 2 (L2). Results revealed a significant negative association between school-level emotional exhaustion and school-level academic achievement, such that schools with higher levels of emotional exhaustion among teachers were also lower in school-average student achievement. School-level behavioral engagement among teachers was not significantly associated with school-level student achievement; however, the effect size was large highlighting the need for additional research with greater power at L2 (school-level) to examine this further. These findings hold important implications for the way in which emotional exhaustion is addressed among staff at a whole-school level and extends prior knowledge of the role teachers play in school-level academic achievement.