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In this study we conducted a meta-analysis to investigate the relationship between self-esteem and depression, and the moderating effects on this relationship. The 50 studies included in the meta-analysis yielded 59 effect sizes with a total of 32,005 participants sampled in Taiwan. The mean correlation between self-esteem and depression was large ( = -.48). The effects of participants’ gender, age, and birth cohort, and of the publication status on the relationship between self-esteem and depression were not significant. However, this relationship differed significantly among the 4 evaluated sample types of students, students with special needs, the general population other than students, and physically ill people. Given the strong correlation between self-esteem and depression in children, parents and teachers should pay special attention to self-esteem. Additionally, as self-esteem had a strong correlation with depression in physically ill people, their family members and medical care providers should be advised to monitor their self-esteem carefully.