This study examines direct, interactive, and indirect effects of racial identity and depression in a sample of 379 African American women. Results indicated that higher racial private and public regard were associated with lower depression. The relationship between private regard and depression was moderated by racial centrality, such that higher private regard was more strongly related to lower depression when women's race was a central part of their self-concept. Finally, results indicated that self-esteem fully mediated the relationship between private regard and depression and partially mediated the relationship between public regard and depression. The authors discuss the results in relation to reflected appraisal, the insulation hypothesis, and identity theory.