Koreans rarely complain of depression or other psychological problems because mental illness is viewed as a stigmatizing and threatening experience. This study examined the relationships among stressful life events, close relationships, self-esteem. and depression in 400 college women aged 18 to 30 years. Depression was positively related to stressful life events (r＝.21, p＝＜.01). Depression and stressful life events were negatively associated with self-esteem (r＝-.67; r＝-.11, p＜.01; p＜.05 respectively). Close relationships with women and men friends were each negatively associated with depression (r＝-.24; r＝-.16, p＜.01; p＜.05). Close relationships with women and men friends were positively associated with self-esteem (r＝.23; r＝.20, p＜.01). Forty nine percent of variance in depression rates in this sample was explained. After adjustment for degrees of freedom, a total of 49% of the variance in depression was explained by self-esteem and stressful life events. This investigation into the relationships among the variables influencing depression for college women is a critical issue as health professionals need to be aware that college women are at considerable risk for depression. Effective psychosocial interventions are those designed for specific populations to meet unique care needs and since young Korean women may be at considerable risk for depression.