BackgroundWomen may be vulnerable to elevated depressive symptoms during the menopause transition (MT). Studies generally have not considered premenopausal depressive symptom history or examined symptoms in relation to the final menstrual period (FMP). ObjectiveTo identify specific time points in relation to the FMP when depressive symptoms increase or decrease. MethodsParticipants were 1582 multiracial/ethnic women from the longitudinal Study of Women's Health Across the Nation (SWAN). Biological, psychosocial, and depressive symptom data were collected approximately annually. Depressive symptoms were measured by the Center for Epidemiological Studies-Depression (CESD) scale. ResultsWomen with high baseline depressive symptoms (CES-D ≥ 16) declined in symptoms (M = −1.04/yr., 95 % CI = −1.58, −0.50) until 4 years before the FMP, followed by a smaller decrease (M = −0.50/yr., 95 % CI = −0.72, −0.28) until 18 months after the FMP. Depressive symptoms increased (M = 0.21/yr., 95 % CI = 0.11, 0.30) in those with low baseline symptoms until 1 year before the FMP, and decreased (M = -0.06/yr., 95 % CI = −0.11, −0.008) going forward. Greater social support, higher levels of follicle stimulating hormone and estradiol, and less sleep disturbance contributed to greater decline in depressive symptoms among those with high baseline depressive symptoms. Anxiety, experiencing stressful life events, lower body mass index, and poor role-physical function contributed to an increase in depressive symptoms among those with low baseline symptoms. LimitationsExcluded women had higher baseline CES-D scores. Lacked pre-MT depression for pre/early perimenopausal women at baseline. ConclusionAccounting for baseline depressive symptom level and focusing on the FMP more precisely characterize depressive symptom change over the MT.