We use data from the Fragile Families and Child Wellbeing Study (N = 3,572) to examine relationships between maternal depression and mothers' time investments with their 5-year-old children in outings, trips to playgrounds or parks, time spent reading with the child, and time spent playing indoors with the child. We also examine whether mothers' self-assessments of neighborhoods are associated with time investments in children. Findings indicate that persistent maternal depression is associated with fewer time investments in all four activities with 5-year-old children. Mothers' fear of children playing outdoors and self-assessments of neighborhood collective efficacy are associated with indoor and outdoor activities with children, but do not mediate the relationships between maternal depression and maternal time investments. In sum, maternal depression and neighborhood context play significant but largely independent roles in regulating mothers' time spent in primary child-care activities.