We examined whether parental nurturance moderates the effects peer problems have in the development of depression among youth across racial/ethnic groups. Data were from Healthy Passages, a longitudinal study of fifth-graders (mean [SD] age, 11.1 [0.5] years) recruited through public schools in and around Birmingham, Alabama; Houston, Texas; and Los Angeles County, California, from 2004-2006. Youth reported about their depression using the Children’s Depression Inventory (DISC Predictive Scales: Lucas et al., 2001) and their parental nurturance and peer problem (peer isolation and victimization) levels. Among African American and Hispanic girls, high levels of parental nurturance buffered against elevated initial depression levels, but only when peer problem levels were low. Parental nurturance did not buffer against peer problems at any level among boys across race/ethnicity nor White girls. Further research should examine other protective mechanisms and seek to inform targeted prevention efforts.