In the present study, the authors predicted that the individual protective factors of optimism and perceived control over acute and chronic stressors would buffer the relations between acute and chronic stress exposure and severity of depression, controlling for household income, in a sample of financially disadvantaged women. Ninety-seven African American women and 97 white women with low incomes were recruited from an obstetric/gynecological clinic of a large urban hospital. They completed the following measures: optimism (Life Orientation Test), a perceived control scale, the Women's Stress Scale, and the Beck Depression Inventory-II. The results supported the predictions and are consistent with a risk and resilience theoretical perspective. Hierarchical regression analyses showed that among women experiencing a high number of exposures to acute and chronic stressors, optimism and perceived control were associated with less severe depression that fell within the nonclinical range of functioning. The authors did not observe any racial differences in the extent to which optimism and perceived control functioned as stress buffers. Implications for enhancing optimism and perceived control through culturally relevant social work practice are discussed.