School-based positive psychology interventions such as peer support initiatives aim to increase students’ emotional well-being and reduce psychological distress (e.g. anxiety and stress) in schools. Fostering and creating peer support initiatives in students’ learning environments is of great importance in emotional well-being. Peer support provides the opportunity to learn from one another and enhance individual character growth, prosocial behaviours, and emotional well-being. The present study is a qualitative research that explored the role and benefits of a peer support initiative on 11 primary school students in Singapore. The students being assigned as peer support leaders (PSLs) are tasked to look out for and help their peers in times of emotional distress. Interview data were collected, and thematic coding was conducted. Data analyses indicated that PSLs could provide emotional and social support to help their peers who were in need. Peer support plays an important role in a primary school community. Through the social interactions with the PSLs, it is likely that the peers experienced positive emotions, engagement, and relationships. Findings also revealed that positive psychology through the peer support initiative has contributed to the students’ emotional well-being and adaptive behaviours. Overall, this study highlights the importance of peer support initiatives in schools, and it is considered as one of the positive psychology approaches to promote youth mental health and emotional well-being in school settings.