The present study examined relationships among counterfactual thinking, perceived control, and depressive symptoms. Undergraduate participants, grouped according to nondepressed, mild–to–moderately depressed, and severely depressed symptom categories, described potentially repeatable negative academic events and then made upward counterfactuals about those events. Whereas participants endorsing mild–to–moderate depressive symptom levels generated more counterfactuals about controllable than uncontrollable aspects of the events they described, participants endorsing severe levels of depressive symptoms generated counterfactuals that were less controllable, less reasonable, and more characterological in nature. Furthermore, (...) controllable (relative to uncontrollable) counterfactual thinking enhanced retrospective control perceptions for less depressed participants, but depleted control perceptions for more depressed participants. Discussion focuses on the possibility that whereas controllable counterfactual thinking may be functional for nondepressed individuals, it may be less functional, if not dysfunctional, with increasingly depressed symptoms. (shrink)