Objective: To analyze depressive symptoms and factors associated with this pathology among elderly women. Method: A cross-sectional study nested in the longitudinal study of the Care and Reference Center for the Elderly of the Universidade de Passo Fundo (Passo Fundo University) in Rio Grande do Sul, Brazil, was carried out. Standardized questionnaires, pre-coded with sociodemographic information, were applied. The Geriatric Depression Scale was used to assess the outcome of depression. The International Physical Activity Questionnaire was used to evaluate the level of physical activity and parameters of Body Mass Index were used to assess nutritional status. The chi-squared test or the Fisher exact Test were applied to verify the association between outcome and exposure. Results: 313 elderly women were assessed. They were aged from 60 to 89 years, and most (284 -91.3%) belonged to economic classes B and C. Depression was present in 22 (7.1%) of the elderly women. In bivariate analysis, depression was associated with non-white elderly women (14.6%; p=0.039) who were classified as insufficiently active (10.6%; p=0.033). Conclusion: The results indicate the need to encourage the elderly to perform physical activities to contribute to the prevention of geriatric depression.