Although there has been an increasing number of studies that has examined depression among adolescents from immigrant backgrounds, findings have been mixed, with some studies reporting that immigrant status is associated with risk, while others report that immigration status is linked to adequate or positive outcomes. Thus, it is important to explore how underlying predictors contribute to trajectories of depressive symptoms among adolescents from immigrant backgrounds. Using data from a nationally representative Canadian sample (N = 1,060; aged 12 to 23; 48.9% female), this longitudinal study examined the effects of risk and protective factors on trajectories of depressive symptoms using multilevel modeling. Predictors of depressive symptoms tended to be protective and suggest a universal positive influence of self-esteem, positive peer relationships, and parent-child cohesion. Host language proficiency was predictive of greater increases in depressive symptoms over time. Findings highlight the value of promoting protective factors and aspects of one's heritage among immigrant adolescents.