The present study tested a theoretical model of emotion regulation (Yap, Sheeber, & Allen, 2007) in a sample of Asian American and European American college students (N = 365). Specifically, the mediating role of anger suppression in the effect of temperament and family processes on depressive symptoms was tested across race and levels of interdependent self-construal (a culturally based self orientation emphasizing connectedness with others). Next, the moderation of the suppression depression relation was tested by race and interdependent self-construal. Results indicated that the hypothesized model tit well across Asian American and European American students, as well as those with high versus low levels of interdependent self-construal. Anger suppression was a significant mediator of the hypothesized indirect effects on depressive symptoms. Moreover, race and interdependent self-construal moderated the suppression-depression link, such that Asian American status and a stronger interdependent self-construal attenuated the relation between anger suppression and depressive symptoms. Understanding both universal and culture-specific aspects of emotion regulation in the development of depressive symptoms will be essential for sound theory, future research, and effective prevention and intervention efforts across diverse populations.