The current study investigated the role of contingent self-worth in perfectionism and depression. It was hypothesized that perfectionism is associated with depression because perfectionists base their self-worth on being successful and on the need to be actively working toward their goals. A sample of 170 female university students completed measures of conditional self-worth, perfectionism traits, perfectionism cognitions, and depressive symptoms. Structural equation modeling revealed that a factor interpreted as Evaluative Concerns Perfectionism was associated strongly with contingent self-worth, which was, in turn, related to depressive symptomatology. In addition, contingent self-worth mediated the association between perfectionism cognitions and depression. Other analyses revealed that measures of self-oriented perfectionism that are often viewed as highly similar actually differed in terms of their associations with contingent self-worth. The theoretical and practical implications of the associations between perfectionism and contingent self-worth are discussed.