This inquiry contributes to the extant literature on the capacity to understand irony of typically evolving versus gifted students (aged 12–15). In addition to the canonical condition of polarized statements applied to oppositely polarized situations, it also considers the case of intermediate statements and situations. The results demonstrated a significant difference between the two groups of participants. Both groups recognized an ironic interpretation in the more usual condition of a polarized statement applied to a clearly oppositely polarized situation and they also grasped the idea that the bigger the contrast, the more ironic the message. However, gifted students showed greater mastery, with regard to both polarized and intermediate statements. They also showed greater ability compared with their non-gifted peers in the task which required them to explain the “rule” underlying the conditions which applied to the comments they had judged as ironic and to then produce ironic stories showing the specificity of irony (not to be confused with generic humor).