Literature suggests that neurobiological factors such as brain structure play an important role in linking social stress with depression in adolescence. We aimed to examine the role of subcortical volumetric alteration in the association between peer problems as one type of social stress and adolescent depression. We hypothesized that there would be indirect effects of peer problems on adolescent depression through subcortical volumetric alteration. Seventy eight adolescents with major depressive disorder (MDD) (age mean [SD] = 14.9 ± 1.5, 56 girls) and 47 healthy controls [14.3 ± 1.4, 26 girls]) participated in this study. High-resolution structural T1 images were collected using the Siemens 3T MR scanner. Subcortical volumes were segmented using the Freesurfer 6.0 package. Peer problems were assessed using the Peer-Victimization Scale and the Bullying-Behavior Scale. There was a significant indirect effect of peer problems on adolescent depression through nucleus accumbens (NAcc) volume alteration, but not through the amygdala and hippocampal volumes. This result supported our model, which stated that peer problems have indirect effects through subcortical volumetric alteration (i.e., increased NAcc volume) on adolescent depression. Our finding suggests that altered NAcc volume may serve as a pathway, through which peer problems as one type of social stressor contribute to adolescent depression. Adolescents experience peer problems (e.g., involvement in bully-victim problems) as they devote more time and effort to peer relationships 1. The mean prevalence rates of traditional bullying and cyberbullying involvement were approximately 35% and 15% across 80 studies 2. These peer problems such as being a bully and a victim are considered to be major social stressors, which are known to be related to important adolescent public health issues 3. For example, youth who were bullies and victims showed higher rates of concurrent depression 3 and reported to having long-term adverse effects with greater rates of adulthood depression and suicidality 4. A recent study showed that the prevalence rates of both peer problems and depression remained high in 2015, or even increased compared to those in 2005 5 , indicating that the associations between peer problems and adolescent depression may continue to affect significant public health problems. To ameliorate such public health problems associated with peer relational problems and adolescent depression, other factors should be considered. It has been suggested that neurobiological factors (e.g., brain structure and function) 6 may play an important role in linking social stress with adolescent depression. Furthermore, adolescence is a developmental period for remodeling brain structures and increasing neural plasticity in response to social stress 7. Brain structure may dramatically change in order to adapt to different social and emotional stresses (e.g., problematic peer relations such as bullying involvement) that frequently occur during adolescence. Brain structure alter...