The treatment of student misbehavior is both a major challenge for teachers and a potential source of students’ perceptions of injustice in school. By implication, it is vital to understand teachers’ treatment of student misbehavior vis-à-vis students’ perceptions. One key dimension of punishment behavior reflects the underlying motives and goals of the punishment. In the present research, we investigated the perspectives of both teachers and students concerning the purposes of punishment. Specifically, we were interested in the extent to which teachers and students show preferences for either retribution (i.e., evening out the harm caused), special prevention (i.e., preventing recidivism of the offender), or general prevention (i.e., preventing imitation of others) as punishment goals. Therefore, teachers (N = 260) and school students around the age of 10 (N = 238) were provided with a scenario depicting a specific student misbehavior. Participants were asked to indicate their endorsement of the three goals as well as to evaluate different punishment practices that were perceived (in pretests) to primarily achieve one specific goal but not the other two. Results show that teachers largely prefer general prevention, whereas students rather prefer special prevention and retribution. This discrepancy was particularly large in participants’ evaluation of specific punishment practices, whereas differences between teachers’ and students’ direct endorsement of punishment goals were relatively small. Overall, the present research may contribute to the development of classroom intervention strategies that reduce conflicts in student-teacher-interactions.