The study, by analyzing the dataset, Programme for International Student Assessment (PISA) 2012 of Macau, addresses the relationship between school environmental factors and students’ academic performance in Macau from the angle of educational equity/equality. According to the research findings, factors that have positively significant correlations with the academic performance consist of “school scale,” “criteria for recruiting new students,” “teachers’ passion for teaching,” “teacher-student relationship,” and “school learning climate.” In addition, the access to the so-called prestigious schools in Macau is greatly associated with students’ prior academic performance as well as family backgrounds, which deepens the gap between advantaged and disadvantaged groups. Based on the research findings, some suggestions are provided in the end.