A study involving 197 university undergraduates (83 males, 114 females) tested the hypothesis that depressive symptoms assessed by the short form of the Beck Depression Inventory (BDI) would be negatively related to masculinity (M) scores from the Personal Attributes Questionnaire (PAQ) but unrelated to femininity scores (F). It was also hypothesized that the negative relationship between masculinity and self-reports of depressive symptoms may be due to shared variance in self-esteem. The results supported predictions. In particular, the negative relationship linking masculinity to depressive symptoms disappeared when the effects of self-esteem were partialed out. Results are discussed in terms of the thesis that self-esteem may reflect in part the dominant masculine values of Western-type cultures and that manifestations of psychological ill health may occur when there is reduced opportunity to engage in behaviors that reflect these values.