The aim of this study was to examine the role of psychological hardiness, narcissism, and perfectionism in depression tendency among undergraduate students in Oyo State, Nigeria. A quantitative research design using a correlational approach was adopted for the study. A total of 1,086 participants were selected through stratified random sampling. Four measuring instruments were used to garner data: Depression Proneness Rating Scale-11 (α=0.77), Dispositional Resilience Scale (α=0.73), Almost Perfect Scale-Revised (α=0.87), and Pathological Narcissism Inventory (α=0.91). Data were analyzed using Pearson’s product moment and multiple regression analysis. Findings revealed that predictors accounted for 42% of the total variance in depression tendency (R2=0.417; F(5, 1080)= 154.768; p<0.01). Each predictor indicated a significant relationship with the criterion (p<0.01). The study outcomes showed the need to consider variables analyzed in the present study while diagnosing depression symptoms among undergraduate students.