This study examined self-esteem as a moderator of the influence of perceived stress and coping on symptoms of depression in a sample of 713 college students. The results suggest that self-esteem may play an important role in the development of depressive symptoms in college students through interactions with perceived stress and coping. If an individual does not believe he or she is competent, significant or worthy, heightened perceived stress can be expected to occur. Similarly, people low in self-esteem may turn to avoidance behaviors as a way to escape or cope with the negative feelings associated with low self-worth. The implication of this research for reducing symptoms of depression among students rests on the modifiability of perceived stress on one hand, and improving coping skills on the other--both of which may be assisted by improving students' self-esteem. (Contains 2 tables and 2 figures.)