Within positive psychology, researchers and clinicians vocalize the need to expand upon how the treatment for major depressive disorder is conceptualized and implemented. The impetus of the current study was to examine preliminary criteria for identifying savouring and self-compassion as protective factors for depression. Undergraduate students (N = 133) completed a series of surveys at two points in time, 5 weeks apart. Results revealed that savouring and self-compassion were inversely related to depression scores cross-sectionally and prospectively. However, savouring was the only positive psychological variable to predict changes in depression scores across time. Cross-sectionally, savouring was also found to moderate the relation between negative life events and depression, such that the strength of the relation between negative life events and depression decreased when higher savouring was present. However, this same effect was not significant prospectively. There was no evidence, cross-sectionally or prospectively, that self-compassion moderated the relation between negative life events and depression. Taken together, results provide preliminary support for savouring as a protective factor for depressive symptoms. Mental health professionals should consider teaching savouring strategies to help at-risk clients stimulate and sustain positive affect as a means of preventing and reducing depressive symptoms. Copyright © 2016 John Wiley & Sons, Ltd.