This study adopted PISA (2012) Chinese mainland students’ data and used hierarchical
linear model to analysis the big fish little pond effect and its potential individual and school contextual
moderator. The results were as follows: (1) the big fish little pond effect was significant, which was stronger
than average; (2) intrinsic motivation, problem-solving openness significant buffered the negative effect of
big fish and small pond, while anxiety significant aggravated the negative effect of big fish and small pond;
(3) medium effect was found in highly selective and middle selective schools, no significant effect was
found in low selective school. A strong large fish pond effect was found in fully ability grouping schools
and medium effect effect was found in some ability grouping schools. Finally, future research direction
and counter strategies of big fish little pond effect was proposed.