In the US, lesbian, gay, bisexual, and transgender (LGBT) individuals report higher rates of depression compared with heterosexual and cisgender persons. To date, little is known about the mental health of LGBT adults in Thailand. Here, we examined rates and correlates of depression among a volunteer sample of Thai LGBTs. Data were collected as part of a larger cross-sectional survey study. Standardized measures of sexual orientation and gender identity, stress, coping style, and minority stressors were completed. Of the 411 participants, 40.3% met the criteria for depression. In multivariate analyses, the combined influences of sociodemographic factors, general stress, coping strategies, and minority-specific stress variables explained 47.2% of the variance in depression scores (F[16,367]= 20.48, p<.001). Correlates of depression included coping strategies and minority-specific stressors, including experiences of victimization, discrimination, and level of identity concealment. Study findings have implications for psychiatric nursing practice and the development of intervention research.