Previous research into the social distribution of early life depression has yielded inconsistent results regarding the causes and course of subgroup depression disparities. This study examines the topic by analyzing National Longitudinal Study of Adolescent Health data, modeling gender and racial/ethnic differences in early life depression trajectories and investigating the influences of stress and socioeconomic status. Results indicate females and minorities experience elevated depressive symptoms across early life compared to males and whites. SES and stressful life events explain much of the racial/ethnic disparities. Blacks, Hispanics and females show greater sensitivity to the effects of low SES, and in the case of females, SLEs. Overall, this study develops a nuanced, dynamic model of the multiplicative effects of social disadvantage on early life depression disparities. (Contains 4 figures, 4 tables and 7 notes.)