The current study examined the mediating role of gratitude in the relationship between zest for life and depression. A total of 326 undergraduate students were included in a cross-sectional study and responded to an online survey package. Structural equation modeling with maximum likelihood and bootstrapping with 5000 resamplings (95% confidence interval) supported that the relationship between zest for life and depression was fully mediated by gratitude. It can be claimed that zest for life affects students' depression inversely through gratitude. However, limitations of this cross-sectional study should be considered when interpreting the results. The practical implications were discussed.